There are many hidden expenses that come with owning a home or any type of real estate, but property taxes can be quite a burden on finances sometimes. For instance, some seniors may struggle to pay them as they slowly increase along with the value of their house. However, there are a few options that can be pursued, but most often homeowners don’t even know they exist. Here’s what could be done to pay lower property taxes.
Consider Reassessing the Property’s Value
An assessment, or the estimated value of the home or property, is what determines the total property tax. Often times, this assessment is higher than the actual worth of the home, but one can always reassess and lower the taxes. To do this, one should hire an experienced real estate agent or appraiser. He or she will determine the value of the house or property by looking at the city and neighborhood for similar houses before coming up with a market value according to Forbes. [1]
Take Advantage of a Program for Property Tax Relief
A property tax relief program can help pay the taxes if someone is unable to afford them currently. Each state has one such program, but they differ depending on the location, and even the county. With a property tax relief program, one can get exemptions, lower the taxes, or freeze them, but have to meet certain requirements.
Check for Property Tax Exemptions
Here’s another thing that most people don’t know about: some states, cities, and counties have property tax exemptions. Getting an exemption simply means that there’s no need to pay taxes. According to Investopedia, [2] there are various exemptions available across the US. To qualify for an exemption: – Live on an agricultural property – Have specific disabilities or abilities – Are a member of the military service or a veteran – Are a senior citizen With that said, it’s good to always check with a local tax office whether one is eligible for a tax exemption.
File a Tax Appeal
If all other methods for lowering the property taxes fail and one can’t afford to pay, a tax appeal can always be submitted. Investopedia [3] reports that an attorney will be needed to file a tax appeal. The lawyer will need to gather and submit all the necessary documentation for this, including photos of the property, reports on the state of the property, and sometimes a new assessment. Once the local tax board receives the tax appeal, it can take a few weeks or months for them to complete a review. If approved, both the property assessment and the property taxes will be lower.
Be on the Lookout for Property Tax Offers
It always pays off to be on the lookout for property tax offers. Things such as homestead exemptions, military savings, and lower assessments for senior citizens might be available, according to Forbes. [4] One can start searching right away for property tax relief and savings forms by going online and checking laws and regulations for a particular city and state.
[1]https://www.forbes.com/sites/johnwasik/2018/03/28/3-easy-ways-to-lower-property-taxes/#759103252f22
[2]https://www.investopedia.com/articles/pf/07/property_tax_tips.asp
[3]https://www.investopedia.com/articles/pf/07/property_tax_tips.asp
[4]https://www.forbes.com/sites/johnwasik/2018/03/28/3-easy-ways-to-lower-property-taxes/#759103252f22