5 Tips to Help You Pay for Property Taxes

You can start searching right now for property tax relief and savings forms near you by going online and checking laws and regulations for your city and state.

^[1]https://www.forbes.com/sites/johnwasik/2018/03/28/3-easy-ways-to-lower-property-taxes/#759103252f22
^[2]https://www.tn-elderlaw.com/free-resources/blog/april-2018/programs-offer-property-tax-relief-for-elderly-di
^[3]https://www.investopedia.com/articles/pf/07/property_tax_tips.asp
^[4]https://www.investopedia.com/articles/pf/07/property_tax_tips.asp
^[5]https://www.forbes.com/sites/johnwasik/2018/03/28/3-easy-ways-to-lower-property-taxes/#759103252f22

There are many hidden costs that come with owning a home or any type of real estate, but property taxes can be quite a burden on your finances sometimes. For instance, some seniors may struggle to pay them as they slowly increase along with the value of their house. However, there are a few options you can pursue, but most often homeowners don’t even know they exist.

Here’s what you could do to pay lower property taxes.

Consider Reassessing Your Property’s Value

An assessment, or the estimated value of your home or property, is what determines your total property tax. Often times, this assessment is higher than the actual worth of your home, but you can always reassess and lower your taxes.

To do this, you should hire an experienced real estate agent or appraiser. He or she will determine the value of your house or property by looking at your city and neighborhood for similar houses before coming up with a market value according to Forbes. [1]

Take Advantage of a Program for Property Tax Relief

A property tax relief program can help you pay your taxes if you’re unable to afford them currently. Each state has one such program, but they differ depending on your location, even your county. With a property tax relief program, you can get exemptions, lower your taxes, or freeze them, but you have to meet certain requirements. Those living in Tennessee, for example, have at their disposal property tax relief programs in 30 cities and 23 counties. [2]

Check for Property Tax Exemptions

Here’s another thing that most people don’t know about: some states, cities, and counties have property tax exemptions. Getting an exemption simply means that you won’t have to pay your taxes. According to Investopedia, [3] there are various exemptions available across the US. You can qualify for an exemption if you:

– Live on an agricultural property

– Have specific disabilities or abilities

– Are a member of the military service or a veteran

– Are a senior citizen

With that said, it’s best to always check with a local tax office whether you are eligible for a tax exemption.

File a Tax Appeal

If all other methods for lower your property taxes fail and you can’t afford to pay, you can always submit a tax appeal.

Investopedia [4] reports that you’ll need an attorney to file a tax appeal. Your lawyer will need to gather and submit all the necessary documentation for this, including photos of your property, reports on the condition of your property, and sometimes a new assessment.

Once your local tax board receives your tax appeal, it can take a few weeks or months for them to complete a review. If approved, both your property assessment and your property taxes will be lower.

Be on the Lookout for Property Tax Discounts

It always pays off to be on the lookout for property tax discounts. Things like homestead exemptions, military savings, and lower assessments for senior citizens might be available to you, according to Forbes. [5]

You can start searching right now for property tax relief and savings forms near you by going online and checking laws and regulations for your city and state.