Property Tax Money Saving Tips

Posted by freetaxadvisor

December 31, 2008

There are more than ~75M single family home owners in the United States and many of them can benefit from the information that I have provided here. These are simple tips that can save you money not just one year but every year.

Exemptions and Credits

You can lower your property tax bill by applying for various exemptions and tax credits offered by tax districts (Local County). It is very simple to apply for these exceptions and credits and you will be amazed how much you can save. Here are some tips.

Homestead exemptions. You can obtain this by calling your local county tax assessment office and generally you can save 10-20% in property taxes per year.

Certain individual also can receive a tax credits. e.g. Senior citizen, teacher, police officer, disabled or disabled veterans, low income families and windows could receive full tax exemptions or a %credits and are allowed to(check for age limits) receive a reduction in property taxes in certain counties. Check with your local tax assessment office.

Agricultural land is normally taxed at much lower rate so you should check and see if you can qualify for a farm land status for your property.

Lower Home Appraisal Value

Addition to getting credits and exemptions, you can also check and see that your property value is properly assessed. If value of your property is listed higher than the competitive property in your area, then you are paying too much in taxes. Many people feel really good when their property value is assessed at higher than their neighbors; however person who is at disadvantage is you not your neighbor as you will be paying more in taxes. Here are the steps to fight for lowering your home appraisal value.

Review appraisal value of properties in your neighborhood by looking at the county appraisal district web site. If you think your home value is assessed higher than homes in your neighborhood (compared similar square footage of living area and land) than consider challenging your appraised value to see if you can reduce your property taxes.

When you receive an appraisal value Notice (Generally around Apr-May time frame) make sure you indicate that you do not agree with the current valuation.

Next step then is to determine what actually should be the value of your property. Most property appraisals can be found on the county tax assessor’s web site. Compare values in your neighborhood homes to come up with a fair value. Make sure you consider all defects in your home which can lower the value of your property. These items are presentable to property assessor so that you can mutually agree to a value which is acceptable to both parties.

Once you have all the information, present your case to the county tax assessor over the phone or in person what ever the method that county allows. Make sure that you have enough evidence to justify your case. (Pictures, sales price of other homes etc.) If mutually agreeable, then assessor will change the value, if not then you may have to appear in the court to justify your case in lowering the value of your home at no cost to you. (Nothing to worry about, it is a very simple court proceeding and you can easily handle this). If you do not win the case there is nothing that you can lose.

Tax Tips