Is it a good idea to depreciate the value of my house?q

Answer by  tamarawilhite (17883)

If you depreciate the value of your home and get a lowered tax rate as a result, and then are found out by the tax appraisal board to have done so illegally, this is not just lying. It is cheating on your taxes and becomes a crime. You will then have to pay back taxes, fees, and penalties.

Answer by  Darry (3853)

Realistically reducing the value of your house won't lower your real estate taxes very much. The rates are based on a percentage, you would have to significantly depreciate your home's value to see any real benefit. Even then a lot of the taxes come from the land itself, thus you may only see at most $1000 reduction over a year.

Answer by  Brandon55 (1719)

Depreciating a home through whatever means is rarely a good idea because to depreciate it enough to lower tax appraisals means that real estate appraisals for sales will be even lower. I would only consider this if you aren't ever planning on selling the property. Keep in mind that tax appraisals are mainly aimed at square footage and market value.