Real estate crash could save you money on taxes

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Taxes...Did You Know?

    The first known system of taxation was in Ancient Egypt around 3000BC-2800BC in the first dynasty of the Old Kingdom.

    In the infamous words of the late Leona Helmsley -- "We don't pay taxes. Only the little people pay taxes." The IRS disagreed.

    The AMT tax hit 23 million taxpayers in 2007, and 39 million by 2017. (according to the Tax Policy Center)

    TIMBER! Nearly 300,000 trees are chopped down annually to produce the paper needed to print the IRS's mountains of forms and instructions.

    Tax Day in 2009 is Wednesday, April 15.

    The average federal tax refund that taxpayers received in the 2007 tax season was $2,548. Three out of four individual taxpayers got a refund.

    21 percent of all paper tax returns have errors while only 0.5 percent of e-file returns have errors. (source: AP)

    Alaska, Florida, Nevada, South Dakota, Texas, Washington state and Wyoming have no state income tax.

    Think your taxes are high? They are nothing compared to many other countries. Single people in Belgium for instance pay over 50 percent in taxes.

    Ben Franklin's famous quote "nothing is certain but death and taxes" was said in 1789 in a letter to Jean-Baptiste Leroy.

With property values in the toilet, home owners have a unique opportunity to save some money on taxes by contesting town assessments of their property values. Because tax assessments may not reflect the declining value of properties in your neighborhood, it's important to do some research and find out whether they're overvaluing your home and making you pay for it.

WalletPOP tax expert Tracy Coenen did just that, and saved $250 per year on her taxes. Watch the video below for her tips on how to contest the assessment and keep more of your money.

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