Property taxes can be a significant expense for homeowners, especially if property values in your area have increased. However, there are a few strategies you can use to try and lower your property taxes.
1. Challenge Your Assessment
Your property tax bill is based on the assessed value of your home, which can often be higher than what your home is actually worth. If you think your assessment is incorrect, you can challenge it with your local tax assessor’s office. You’ll need to provide evidence to support your claim, such as recent home sales in your area or a professional appraisal of your home’s value.
2. Claim Property Tax Exemptions
Many jurisdictions offer property tax exemptions for certain groups of homeowners, such as senior citizens or veterans. To find out if you qualify for any exemptions, check with your local tax assessor’s office or do some research online.
3. Keep Track of Home Improvement Expenses
If you’ve made improvements to your home, such as adding a new bathroom or renovating your kitchen, you may be eligible for a lower property tax bill. This is because these improvements can increase the value of your home, which can lead to a higher assessed value and higher taxes. However, if you can document what you’ve spent on these improvements and present them to your local tax assessor’s office, you may be able to get a lower assessment and a lower tax bill.
4. Get Involved in Your Local Government
Your local government sets your property tax rates, so getting involved in local politics can be a way to influence these rates. Attend town hall meetings or other community events where local politicians are present, and ask them about their plans for keeping taxes low. You can also get involved in campaigns for candidates who support lower taxes.
5. Look for Tax Abatements
Some jurisdictions offer tax abatements for homeowners who meet certain criteria, such as investing in energy-efficient upgrades or starting a business on their property. Look for these programs in your area and see if you qualify.
6. Avoid Triggers for Property Tax Increases
Some events can trigger higher property taxes, such as adding a swimming pool or finishing your basement. Before you make any major improvements to your home, check with your local tax assessor’s office to see how they will affect your property taxes.
In conclusion, lowering your property taxes may require some effort and research, but the savings can be significant. By challenging your assessment, claiming property tax exemptions, keeping track of home improvement expenses, getting involved in local government, looking for tax abatements, and avoiding triggers for property tax increases, you can take control of this important expense and keep more money in your pocket.
