Tax-Saving Advice: Top Tips To Manage Your Finances

If property taxes are an additional cost that comes with owning a home or any type of real estate, so too are health, childcare, and education payments for families everywhere. They’re a challenge for everyone, especially older persons who may have to adjust to unforeseen cost-increases.

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Luckily, there are options available such as local exemptions or those offered by different organizations that many don’t realize exist. Combined, they make everything from home-ownership, healthcare, and getting an education affordable and stress-free.

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 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. You can get exemptions, lower your taxes, or freeze them, but you have to meet certain requirements. Tennessee has a great example of this set-up. Those living in the state have at their disposal property tax relief programs in 30 cities and 23 counties! [2]

Check for Tax Exemptions

Getting a tax exemption simply means that you won’t have to pay your taxes. Investopedia [3] lists several exemptions across the U.S. that you may be able to qualify for. These include, but aren’t limited to:

– Living on an agricultural property

– Having specific disabilities

– 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 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. If your appeal relates to property taxes, this documentation will include 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 we were to use a property tax appeal as an example of this, both your assessment and taxes will be lower.

Be on the Lookout for Tax Discounts

It always pays off to be on the lookout for tax discounts — they can be especially helpful for real estate investments! 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.