What You Can Do To Try To Qualify For A Property Tax Reduction
Posted on: 23 November 2021
If you're a homeowner who's expected to pay property taxes, you can take measures to try to lower the amount that you owe to the IRS or local tax governing bodies. By finding ways to reduce property taxes, you'll have more money left over to put toward other important household expenses. A tax professional who offers tax services can work with you to try to save money on your property taxes. Here are a few other things that you can do to try to qualify for a property tax reduction.
Check Your Exemption Status
You may qualify for a property tax exemption or at least be able to reduce what you owe in property taxes if you fall under certain categories. You may be unaware of your exemption status, and the tax collectors also won't know this information if you don't report it to them and provide proof. People who often qualify for property tax exemptions include:
- Veterans
- Senior citizens
- Disabled individuals
- Farm and homestead owners
Special tax relief programs have been created in some states to help people within these categories qualify for additional property tax reductions to try to ease some of the hardships from the COVID-19 pandemic. A tax support service provider can review your information closer to see if you're eligible for one of these programs.
Claim Loan Interest
The interest amount that you pay if you're paying off your home with a home loan can usually be deducted from your taxes, and this information should be noted on your tax forms. If you took out a loan for home improvement work, the interest amount from this loan may also qualify for a property tax reduction. Even the interest from a credit card that you might have had to use to pay for a rental property that you had to live in for a while may be claimed as a tax deduction.
Review Your Property Tax Card
Your local town hall likely has a card on file that details your property tax information based on the room dimensions and fixtures inside your home along with the lot size of your land. If you made any home improvements or added special features to your property, this information should also be noted on your property tax card. As you review your card, you'll want to look for details that may be inaccurate and could raise your property tax amount. By having any mistakes on your property tax card corrected, you may get a bigger property tax reduction.
Schedule an Independent Property Appraisal
If you believe that your property has been valued at a higher rate than what it's worth, you can hire your own property appraiser to look over your property. The information that the independent appraiser provides may prove that your property isn't worth as much as what the government claims and reduce what you owe in property taxes. The appraiser may also provide details about similar homes in your area that are taxed less, and you can use this information to appeal to the IRS or local tax board to try to lower your taxes.
No one should have to overpay on their property taxes, and you can save a lot of money on what you owe if you do everything that's needed to get a property tax reduction. Tax support professionals have helped many homeowners like you lower their property tax amounts, and one of these representatives can help you claim any deductions for which you may qualify. Contact a tax service for more information about property tax reduction options.
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