Seva Call Offers Last Minute Tax Tips

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Manpreet Singh, Seva Call Co-Founder and CFA Offers Information on Property Taxes.

Manpreet Singh of Seva Call is interviewed by Bloomberg in DC 2012

Manpreet Singh, C.F.A. interviewed by Bloomberg (Bloomberg, 2012)

It's not too late to find an available Certified Public Accountant... because anyone can find a pro fast and hassle-free wth Seva Call

Seva Call (http://www.SaveACall.com) is known for connecting local consumers to home services providers like plumbers and handymen, but with the April 15 deadline to file taxes fast approaching, co-founder Manpreet Singh would like consumers to know that Seva Call can find quality professionals to help with another service related to the home as well: filing property taxes. Dreaded property taxes often leave homeowners grinning, bearing, and begrudgingly signing whopping checks every year. Worse, many homeowners don’t even understand how their property taxes are calculated or how the dollars are spent, let alone how to alleviate the financial burden. It just so happens that Manpreet Singh, is himself a Charted Financial Analyst who knows his way around numbers. Here is some helpful information about property taxes: how they're spent, how they're calculated, and some possible ways to reduce the financial and mental drain of tax season- even at the twelfth hour.

How Property Taxes are Spent: "Property taxes constitute about a third of local and state tax revenue”, says Manpreet, adding that the revenue supports a number of public services, including, but not limited to public transportation, education, parks and recreational activities, and emergency services.

How Property Taxes are Calculated: Calculating the amount of property taxes owed is determined by two major components: the assessed property value and mill levy.

Assessed Property Value...
is the estimate made every year that takes local real estate conditions into account and calculates the market value for your home.

Mill Levy...
is just lingo for the tax rate. Mill levies differ from area to area. One mill is equivalent to $1 out of every $1,000 of your assessed property value. You might often see in local elections where residents are asked to vote for a millage increase, which would increase property taxes and, subsequently, the revenue available to the local government. “What all this means is that your tax rate will be determined by the average value of homes in your area and the local tax rate”, Manpreet summarized.

How to Alleviate the Tax Burden: According to Manpreet, the best way to have the tax burden alleviated is to contact a Certified Public Accountant (CPA) who can find deductible business, charitable, health, or other expenses. It’s also important to note that the home can contribute to deductions under certain cases like:

  • The home includes a dedicated area for running a small business
  • The home is considered historic and is eligible for historic site preservation incentives

“Another avenue most homeowners don’t think about is the possibility that their local assessor may have made an error that resulted in an inflated home value. Tax filing is due so, but that doesn't mean it's too late for homeowners to request the Property Tax Card from their local assessor’s office and request that of their neighbors as well”, he added. Tax documents have to be submitted on time, but if there is a discrepancy in the features of a home or the values of similar homes, the local assessor is obligated to re-evaluate, with the possibility of submitting an amended tax return later.

Contact a Local Accountant: Fortunately, it's not too late to find an available Certified Public Accountant either because anyone can find a pro fast and hassle-free wth Seva Call. So, although Manpreet is no CPA, he founded Seva Call to make it easy for homeowners to locate and talk to three certified tax professionals, (as well as dozens in other service categories) within minutes- just by visiting http://www.sevacall.com, entering the service needed, and standing by to say hello to an available service pro.

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