10 ways to cut your property taxes
Below is a MRR and PLR article in category Finance -> subcategory Taxes.
10 Effective Ways to Reduce Your Property Taxes
Property taxes, determined by school boards, town boards, legislators, and councils, are calculated based on the funds needed in an area, divided by the total taxable assessed value. This amount is then applied to the assessed value of your property, minus any applicable exemptions. With property taxes at an all-time high, having increased by over 35% in the last five years, it's crucial to find ways to lower these expenses.
How Property is Assessed
Property value is determined by analyzing current sale prices, replacement costs, rental potential, and historical value. Here's how you can reduce your property taxes:
1. Explore State Rebates
Investigate if your state offers rebates, such as money-back, energy rebates, tax caps, or homeowner rebates. These can significantly reduce your tax burden.
2. Ensure Accurate Assessment
Verify your property's assessment for errors. Miscalculations can lead to higher taxes. Appeal if necessary; nearly 50% of cases win some form of relief.
3. Check Legal Exemptions
Familiarize yourself with all possible exemptions to reduce your taxable amount.
4. Joint Property Ownership
Owning property with a family member or partner can make both parties eligible for additional tax rebates.
5. Compare Neighborhood Assessments
Compare your assessment with similar properties in the area. Consult a real estate professional or use your bank's appraisal to support your case.
6. Hire a Property Consultant
Property consultants can identify potential savings. They may charge a flat fee or a percentage of the savings.
7. Collaborate with Other Owners
Joining forces with other property owners can strengthen your case. Visit the National Taxpayers Union website for guidance on your rights.
8. Consult Your Lender
Ask if your lender offers refunds on paid property taxes. Some agreements include such provisions.
9. Research Before Buying
Investigate the property tax history and rate increases in an area before purchasing a home.
10. Read Local Tax Manuals
Understanding local tax manuals will provide clarity on how assessments are made and how you can reduce your taxes.
To be financially savvy, consider working with a dedicated accountant and thoroughly understanding all aspects of property taxes. With careful planning, you can effectively reduce your tax expenses.
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