5 Tips for Homeowners Property taxes are a significant expense for homeowners, and while they’re unavoidable, there are ways to reduce what you owe. Here are five strategies to help lower your property taxes and save money each year.
1. Check for Errors in Your Property Assessment
Your property tax bill is based on your home’s assessed value, which can sometimes contain errors. Check your property’s tax records for inaccuracies, such as incorrect square footage or outdated details about upgrades. Correcting these errors can lead to a lower assessment and a reduced tax bill.
2. Appeal Your Assessment
If you believe your home has been over-assessed, you can appeal the decision. To make a strong case, gather evidence like recent sales of comparable properties in your area that are valued lower. Be mindful of deadlines for filing an appeal, as these vary by locality.
3. Explore Exemptions
Many homeowners qualify for exemptions that reduce their taxable property value. Common exemptions include homestead exemptions for primary residences, senior citizen exemptions, and exemptions for veterans. Check with your local tax office to see what you qualify for.
4. Improve Your Home’s Energy Efficiency
Some municipalities offer tax breaks for energy-efficient home upgrades. Installing solar panels, energy-efficient windows, or improved insulation may qualify you for credits or rebates that reduce your property tax.
5. Limit Major Home Improvements
While adding a new room or upgrading your kitchen can increase your home’s value, it may also raise your property assessment. Before embarking on major renovations, consider the long-term impact on your property taxes.
- ConclusionProperty taxes don’t have to be a financial burden. By staying informed and taking proactive steps like appealing your assessment or claiming exemptions, you can potentially lower your tax bill and save money year after year.
