Smart Cookie Andrea shares how to live more on less and prepare for the future as Generation Y.

In a recent article from Moneysense magazine, 45% of Ontario property owners, recent findings showed that homeowners who submitted evidence of over assessed property valuations were approved for a reduction.  Here are three simple steps to ensure you are paying your lowest possible property tax rate.

¨¨¨1.  Get your home assessment report by contacting your regional, provincial, state or municipal government.  This report is typically a generalized estimate of your property’s value based on a number of factors including your home’s selling price.  But with the reality of today’s housing market, many homes have decreased in value and do not have the same valuation as they once did.  If you can find evidence of a home on your block or in your area, selling for less you may have proof of an over assessment.

¨¨2.  Check for errors in your assessment by looking at comparable real estate in your area.  For example an apartment without  parking could be assessed at a higher value under the assumption that a stall is included.  The same goes for a home with a garage vs. one without.  Also if you live in a unique, non-cookie cutter home, you may have a stronger case.  Even being located close to a busy road could help with lowering your property tax amount.¨¨

3. Gather Evidence.   Try and find at least 3 homes in your neighborhood that sold around the same time as your last home value assessment.  Make sure each comparable home is within 100 sq ft. and is roughly the same age and quality.

Contact your local government to find out how you can contest your property value assessment.

Are you considering relocating with your current job?  Before you book the moving truck ask yourself these five questions

1. Does my employer offer any assistance when it comes to my moving costs? We often forget how expensive moving can be “ especially when you are relocating to another country.  Companies often offer compensation for airfare, shipping and in some cases a set number of flights back home each year.

2. Will I be paid in my country’s currency? You may be able to ask for something called œsplit payroll. This allows you to bank 1/2 your salary in your own currency and the other 1/2 in foreign currency. This can cut costs associated with conversion exchange rates.

3. Who will cover the cost of my medical insurance? Your current plan likely won’t cover you in another country so be sure you have medical. Get a written confirmation of what you are covered and not covered for.

4. What is my tax liability? You will still have to pay taxes in your home country.  Inquire into whether your company has a tax equalization policy”they’ll shell out for your foreign taxes, and you™ll be responsible to your own government.

5. Am I protected from layoffs? If you are laid off, make sure they will cover the costs to ship you back home.