Thursday, January 17, 2019

Property Tax Reductions and Exemptions


There are several ways to save money on your property taxes. Age, disability, and location are just a few factors that can help qualify you for a number of exemptions or deductions. Here are some of the top ways to save a little on your taxes.
Homestead
In some states, you can avoid paying property taxes upon the death of your spouse under the Homestead Exemption.
Seniors and the Disabled
If you collect social security due to being elderly or disabled, you may be able to defer paying property taxes as long as you can provide proof of income and your age.
Military Veterans
If you actively serve in the military during wartime, primarily live in a military-provided home, or were dishonorably discharged, you may be exempt from paying property tax or at least receive a reduction. You just have to meet certain requirements like the length of residence and income.
Renovations
With every renovation you perform on your home, your property taxes will change. Certain kinds of renovations can result in a lower tax amount.
Energy Incentives
Adding green upgrades, such as solar panels, geothermal pumps, or other sources of renewable energy, can help lower your property taxes or be considered exempt from taxes entirely.
Tricks for Lowering Your Property Taxes

  • Ask for Your Tax Card. You can request a copy of your property tax card so you know the amounts you’re working with.
  • Avoid Building Bigger. Any major changes generally increase your property taxes, unless they are more green-friendly and sustainable.
  • Limit Curb Appeal. The more attractive your yard (pools, large lighting, etc.) the higher the assessment on your home’s value and the higher your property tax.
  • Research the Neighborhoods. All home records are available as public record, so do your homework and compare your property taxes to other homes in the neighborhood. If yours are very different, look into having your home reassessed.
  • Stay Close to Your Home Assessor. You know your home best and can help prevent the assessor from overlooking minor details such as small cracks and outdated appliances that equate to lower property value.

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