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Property Tax Records - What to Keep and Where to Find Them?

February 12, 2011 | Comments: 0 | Views: 68

Property Tax Records are records which most people find cumbersome to keep and they therefore usually throw them away. However, keeping your records can be the easiest things you will ever do. Not only should you keep your records intact, but you should also keep any other document or receipt that is related to the same. For example, it doesn't make sense to keep your property tax records but throw away the bank receipts used to pay those taxes.

Why Keep Them:

The importance of keeping property tax records safe is usually appreciated when you happen to be a "victim" of regular audits. Now don't keep them just for the sake of the regular audits. Some eventualities may come that greatly demand the presence of intact records. One of these unfortunate incidents is divorce. The reason why divorce related cases usually take forever is because of the absence of such documents. The property tax records are used by the legal system when in comes to splitting of belongings.

Also, keep records of any property you buy or renovate over the years. This will come in handy when the actual value of the property is needed for a particular reason; say taking a loan or selling the property off. It also helps you in claiming the gain from the tax department when the mature period comes. Otherwise, you will find it hard to convince a financier or even a buyer that the property is worth much more than they think it is. Generally, the shortest time you should keep your copies is 15 years, but keeping them forever is even better.

Lost a Copy? Where to Find Them:

Fortunately there are online services that allow you to conduct a current, accurate and quick search and download of information regarding these records.Advancements have alleviated the headache of digging through old dusty files and now you can comfortably come to the rescue from your own home office.Make sure you use an online search database when looking for Property Tax Records that provides clear and concise information.

Storage Tips:

It is of great importance that you devise a good storage system by which you can store your tax records safely and in a way that does not take much of your energy and time. For instance, consider buying a good spring or box file. Pin all the documents and receipts that are relevant to a particular tax record and file them together with it. When the file is full, label on it the range of months of the records in it. Keep these property tax records in one place, say a particular drawer or a specific place that is safe and that you will easily trace. Also, remember to keep these tax records separate from other records or other documents.

Soft Copy Online:

You can also keep the records in soft copy online, because it is easier and more convenient. As a matter of fact, more and more people are opting for the option of storing these records in soft copy. However, one major mistake that people make, which has cost some of them a lot, is purely relying on the soft copy method without having any form of back up. This brings us back to the paperwork that most people try avoiding. It is good to store your property tax records in soft copy online, but always remember to download a compressed hard copy to file.

Click Here to Learn More About How to Get Property Tax Records Online.

Source: EzineArticles
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