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The Easiest Way To Save On Property Taxes That You Never Knew About
Every year, your property tax bill is a considerable amount of money that you can either pay in a single lump sum or with escrow payments throughout the year. This bill is determined by what your property’s taxable value is according to your local property tax rate and the assessed value of your home.
Your home’s assessed value is determined by its size, age, location, construction, condition, and relative value, but to find your home’s actual taxable value, you'll need to subtract any tax credits or exemptions from this amount. Then, to find your anticipated property tax, divide your local tax rate by 1,000 and multiply that number by your property’s taxable value.
To save on property taxes, you can appeal your property’s assessed value by making sure all of the recorded information on your tax card is accurate. Look at public records for the assessed value of houses similar to yours to see if they’ve been placed at a lower rate so you can argue that yours should be assessed at a lower rate as well.
Some states offer tax breaks for senior citizens, veterans, military personnel, or those with disabilities. Your property may also be considered a special-use property if it is used for agricultural or charitable activities, or be available for homestead exemptions if your primary income earner has passed away in the past year.