Real estate taxes too high?

Real estate taxes too high? Do you feel your real estate assessment is too high? Filing for a real estate tax abatement in North Andover Massachusetts involves a specific process with common steps to follow. An abatement is a lowering of the assessed value on real or personal property. The lower assessment results in a lower tax bill. Abatements may be issued for reasons of:

Overvaluation – the assessed value is too high compared to the actual real estate market.

Disproportionate Assessment – property is assessed in excess of assessments of comparable properties.

Improper Classification – for instance, a property is classified as commercial land when it is actually residential land.

Statutory Exemption – the property is exempt from taxation based on use.

Are you eligible for a rebate?

Understand Eligibility: To be eligible for a tax abatement, you typically need to demonstrate that your property is over-assessed or incorrectly assessed. Common reasons for seeking an abatement include a recent decline in your property’s value, errors in the assessment, or physical damage to the property that affects its value. Research your city or town’s specific eligibility criteria.

Check Deadlines: North Andover has specific deadlines for filing an abatement application. You must meet this deadline to be considered.

Before proceeding, consider consulting a real estate professional to get a true market value of your property, a tax professional or attorney who specializes in property taxes to help you navigate the process, especially if your case is complex or if you are unsure of the eligibility criteria and evidence required for your specific situation.

What next?

Obtain the Abatement Application: Contact your local tax assessor’s office or visit their website to obtain the necessary abatement application form. In some cases, this may be available online.

Gather Supporting Documentation: Collect any documents or evidence that support your claim for a tax abatement. This may include recent appraisals, photographs, or any other information that demonstrates your property’s overassessment or the reason for your request.

Complete the Application: Fill out the abatement application form accurately and completely. Be sure to include all required information, such as your property details, the reasons for your request, and the supporting documentation.

File the Application: Submit your completed application to your local tax assessor’s office. It’s recommended to keep a copy of the application and any supporting documents for your records.

Review and Decision: The assessor’s office will review your application. They may contact you for additional information or clarification. They will determine whether your request is valid and whether a tax abatement is warranted.

Decision Notification: You will receive a decision in writing from the tax assessor’s office. If your abatement request is approved, you will receive a revised property tax bill reflecting the lower amount.

Appeal if Necessary: If your abatement request is denied, you may have the option to appeal the decision. The appeal process varies by municipality, but it typically involves filing an appeal with the local board of assessors or the Massachusetts Appellate Tax Board.

Pay Taxes: Continue to pay your property taxes based on your original tax bill until a decision is reached regarding your abatement request.

It’s crucial to follow your specific city or town’s guidelines and deadlines for real estate tax abatement applications, as they can vary. Some communities may have additional forms or requirements.

Action by the Assessing Department

The Assessing Department has three months from the date of filing to process all abatement applications. You will be informed of the status of the application through the following notices:
NOTICE OF APPROVAL: The Assessing Department will abate the amount specified in the notice. If the tax has been paid, the taxpayer will be reimbursed by the city.
NOTICE OF DENIAL: No abatement will be granted. A denial will be issued in cases where the Assessing Department has made a decision based on the merits of the abatement application.
NOTICE OF DEEMED DENIAL: An application is deemed denied if the department has not made a decision on an abatement application within three (3) months of its filing date.

If you are dissatisfied with the decision of the Assessing Department, you may file an appeal to the Appellate Tax Board. It is located at 399 Washington Street, Boston, MA 02108-5292. The telephone number is 617-727-3100.  Appeal to the Appellate Tax Board

 

 

/1 Comment/by

Building wealth through real estate

Building wealth through real estate is a goal pursued by many investors, but it’s important to recognize that it typically requires a combination of strategy, knowledge, resources, and time. Here are some steps and strategies to consider if you want to build wealth through real estate:

Educate Yourself: Start by learning about the real estate market, including different types of properties, financing options, and local market conditions. Read books, take courses, and follow real estate news to gain a solid understanding.

Set Clear Goals: Define your financial goals and investment strategy. Are you looking for short-term profits, long-term wealth, or passive income from rental properties? Having clear objectives will guide your decisions.

Build a Solid Financial Foundation: Real estate often requires significant upfront capital. Ensure you have a good credit score, an emergency fund, and manageable debt before starting your real estate journey.

Develop a Business Plan: Treat real estate investing as a business. Create a detailed business plan that outlines your strategies, financing options, and expected returns on investment.

Start Small: Consider beginning with a single property or a smaller real estate investment, like a duplex or a single-family home. This will allow you to gain experience and learn the ropes without taking on too much risk.

Choose the Right Location: Location is a critical factor in real estate. Look for areas with strong job growth, good schools, low crime rates, and potential for appreciation in property values.

Understand Financing: Learn about different financing options, including mortgages, hard money loans, and seller financing. Explore the best financing option for your investment goals and financial situation.

Invest in Income-Producing Properties: Rental properties can provide a steady stream of income. Select properties that have the potential for positive cash flow after expenses, such as mortgage payments, taxes, insurance, and maintenance.

Leverage Your Investments: Real estate often allows you to use leverage by borrowing money to purchase properties. When used wisely, leverage can amplify your returns, but it also comes with risks, so be cautious.

Add Value: Look for properties that you can add value to through renovations, improvements, or better management. Increasing the property’s value can lead to higher rents and greater appreciation.

Diversify Your Portfolio: Don’t put all your eggs in one basket. Diversify your real estate investments to spread risk. Consider different types of properties (e.g., residential, commercial, industrial) and various locations.

Network: Build a network of real estate professionals, including real estate agents, property managers, contractors, and other investors. Networking can provide valuable insights and opportunities.

Be Patient: Real estate investing is often a long-term game. Be prepared for market cycles and fluctuations, and avoid making hasty decisions based on short-term trends.

Seek Professional Advice: Consult with real estate professionals, financial advisors, and attorneys to ensure you’re making informed decisions and complying with all relevant laws and regulations.

Monitor and Adjust: Regularly review your real estate portfolio and financial goals. Make adjustments as needed to align with your objectives and market conditions.

Building wealth through real estate is achievable but requires careful planning, perseverance, and an understanding of the risks involved. It’s essential to be patient and adaptable as you work toward your wealth-building goals.

/0 Comments/by

North Andover General Business District Zoning

,

North Andover general business district zoning refers to the process of designating specific areas of land for particular uses or purposes, typically governed by local or municipal governments through zoning regulations or ordinances. One of the commercial zones in North Andover is the General Business District which allows for certain types of businesses. These regulations are a fundamental part of urban planning and land use management and serve many important functions.

Zoning decisions are often made through a public process that involves community input, public hearings, and consideration of factors such as the comprehensive plan, neighborhood character, and the needs of the community. It’s important to consult with local zoning authorities and professionals, such as real estate agents, land use attorneys, or urban planners, when dealing with real estate transactions and development projects to ensure compliance with zoning regulations. North Andover commercial space for sale and lease.

The list of approved businesses in the North Andover General Business District zoning are listed below. North Andover zoning map.

 

North Andover Massachusetts

GENERAL BUSINESS DISTRICT

 

  1. A. Retail stores and wholesale stores, salesrooms, funeral parlors, showrooms or places for any professional, artistic or mercantile activity, not involving manufacturing; also, retail bakeries or retail confectioneries.
  2. Banks, offices and municipal, civic, or public service buildings, such as a post office, telephone exchange, Town offices, school, library, museum, place of worship, local passenger station.
  3. Hall, club, theater, or other place of amusement or assembly.
  4. Automobile service and filling stations, automobile storage and repair garages, including automobile body repairs and painting, and automobile sales agencies for new and used cars, provided there are not displayed or stored outdoors on such premises more than 25 automobiles or other vehicles.
  5. Restaurant, dining room or lunchroom.
  6. Residential use where such use is not more than 50% of the total floor space in the structure.
  7. Any accessory use customarily incident to any of the above permitted uses, provided that such accessory use shall not be injurious, noxious, or offensive to the neighborhood.
  8. Agriculture, horticulture, floriculture, viticulture or silviculture.

(1)          Farming of crops and row crops, truck gardens, orchards, plant nurseries, and greenhouses.

(2)          On any lot of at least three acres, the keeping of a total of not more than three of any kind or assortment of animals or birds in addition to the household pets of a family living on such lot, and for each additional acre of lot size to five acres, the keeping of one additional animal or bird; but not the keeping of animals, birds, or pets of persons not resident on such lot.

(3)          On any lot of at least five acres, the keeping of any number of animals or birds regardless of ownership and the operation of equestrian riding academies, stud farms, dairy farms, and poultry batteries.

(4)          The sale of products raised as a result of the above uses on the subject land.

  1. Day-care center by special permit.

 

/0 Comments/by