Some pros and cons come with owning a home. For instance, if you own a house rather than renting one, you don’t have to deal with a landlord who might drag their feet when it comes to fixing a leaky toilet or replacing a damaged window screen. On the flip side, you’ll have a hefty property tax bill that comes your way every year.
That property tax bill is probably one of the largest ones you’ll need to pay. As a homeowner, you might ponder whether there are any ways to reduce it. There are, and we’ll discuss two of them here.
1. Property Tax Relief
Looking into property tax relief is usually the first way an individual might get the cost of their property tax bill lowered. You have to do it delicately, though. It’s similar to looking at the pros and cons of debt consolidation: it’s not always the most prudent strategy for everyone.
Generally, claiming poverty is the best way to get your local government to give you a break on your property taxes. In certain situations, the government is more likely to lower the property tax rate that they want from you.
For instance, you have a good chance of appealing the requested amount if you’re retired, and you’re on a fixed income. If you can establish that you have a disability, that can work to your advantage as well.
You’ll need to do research if you’re utilizing this option. You can start by going to your local government’s website and putting a keyword phrase like “property tax exemption” into the search engine.
You can look at the requirements and instructions. If you believe you qualify, fill out an application and submit it. They might turn you down, but it’s worth a shot.
2. An Assessed Value Appeal
Appealing your home’s assessed value is the other logical way to get your local government to lower your bill. Near the beginning of the year, each homeowner should receive a letter from their local tax assessor explaining how they calculated the tax bill. They base the number on what they perceive as your home’s assessed value.
You can’t appeal the tax rate, which the county sets, however, you can appeal the home’s assessed value if you feel that it’s incorrect.
Contacting the local tax office and submitting a form is usually the best way to explore this option. For it to work, you need a reason why your home’s value is lower than what the assessor judged it to be.
For instance, maybe the home’s square footage is lower than the letter from the tax assessor claimed it to be. Or perhaps you feel that storm damage lowered the home’s assessed value. If the assessor agrees with your contention, they can reassess the value and send you a lower, updated tax bill.
These Might Be Viable Options for You
These two options won’t work for everyone, but some people can see positive results with these strategies. If you come up with a reason why your home’s value is less than what the assessor claimed, there’s no reason not to reach out to them. If you’re an older individual on a fixed income, have a disability that keeps you from working, or there’s some other reason you need tax relief, contacting your local government is often the right move.
Nobody likes paying a property tax bill every year, but owning your home comes with perks that you shouldn’t overlook. Maybe you have that bill to pay, but homeownership brings with it a degree of independence you don’t get if you’re renting. Most homeowners would agree that’s a worthwhile trade.
