How to Lower Your Property Taxes Tips & Tricks
Since most everyone likes a tax break, I have found some tips and tricks for how to lower your property taxes that you may be line to enjoy. Even if you have already received your assessment notice, you can still find ways on how to lower your property taxes for this year before you miss out. Therefore, keep reading to get the most out of these tips and tricks.
How to Lower Your Property Taxes
Request a Property Tax Appeal – When our property is assessed, most of us take it for what it’s worth. Only 1 in 10 homeowners actually contest the assessment. That leaves over half of homeowners paying a higher property tax rate than they actually should be paying. You can request to appeal your property tax assessment.
Start by doing a little homework on your own. Just compare your property to similar ones in your neighborhood or surrounding area. If you are paying a higher rate than others with a similar property, you should appeal. If you are not sure where to start, you can ask a real estate agent for help.
Be careful before you begin your quest. If you have done any home improvements since your last assessment, this will cause your property taxes to go up and you have just wasted your time. And remember, nearly half of homeowners who request an appeal win their case. This is a great tip to share with your neighbors on how to lower your property taxes.
Tax Break Advantages – Never forget that regular tax breaks can save you a lot of money if you know where to look. It can benefit you to use the help of a tax professional for this purpose. Homeowners get offered tons of tax credits, especially new homeowners. Therefore, talk to a tax professional about where you can get the most credits to help save you the most money. And, don’t forget, if you are a senior or a veteran, you get extra credits there too. Don’t forget to share this tip on how to lower your property taxes with your senior friends or veteran friends.
Some cities and states offer more tax breaks and property tax reduction than others, so be sure to ask your tax professional about your particular city and state.
Tax Credits for Going Green – There have been tax credits for ‘going green’ for a while now. You can indirectly reduce your property taxes by offsetting them with tax credits. If you have done any home improvements that were considered a ‘green’ category you can offset your property taxes b hundreds to thousands of dollars.
Here are some examples of homeowner tax credits in the ‘green’ category:
Energy efficient tax credit – This includes installing efficient HVAC, windows, insulation, doors, toilets, faucets and more.
Home improvement loan interest – Home improvement loans under $100,000 are tax deductible.
Renewable energy tax credit – Solar panels are a great way to give your home energy, save energy and give yourself a tax credit of 30% of your buying and installation costs.
Since tax breaks always change, ask your tax professional each year if there is something new you can qualify for.
These tips for how to lower your property taxes is brought to you by: Erika Rogers – your real estate leader in St. George, UT and surrounding communities. She specializes in new construction, golf course communities, gated communities, 55+ adult communities, St. George luxury real estate, and foreclosuresin all Southern Utah communities.
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