Struggling to find the money to pay your rising property tax bills?
Check out these tips for finding the money to cover this important bill, and save your home.
1. Refinance Your Home
Mortgage interest rates have never been lower. 30 year fixed rate mortgages have been in the 2% range. With 15 year fixed loans in the 1% range. With equity also up, many Long Island homeowners could refinance and lower their monthly mortgage payments, while saving a lot on interest. Use these savings to cover your annual property taxes. Others may wish to tap into their equity with a cash out refinance to catch up on back taxes.
2. Consolidate Your Debt
Another option is to consolidate your debts. Do this to lower your interest and payments, while simplifying your monthly bills, and freeing up your credit and boosting your credit score.
This may be done with personal loans or even credit card balance transfer deals.
3. Upgrade Your Car
Shifting debt around and increasing borrowing isn’t always the best way to actually get out of debt. However, there are exceptions. If you are also burdened with a car payment, then this could be a great time to optimize that as well. It is true that used car prices may be obscenely high, but there are still great deals on new cars. Some dealers are even offering 0% interest and several months with no payments again. So, you may be able to trade in your used car for a premium, and get a new one for a lower payment and get a few months break to find the money for your taxes. Even better if you can find an electric version and avoid steep inflation on gas prices.
4. Cancel The Subscriptions
Subscriptions may have been a nice novel concept a few years ago. Now every company wants you on a subscription. Remember that is for their benefit, not yours. It means they can charge you many times more for the same product than you could ever justify paying cash for. It means you can be tied into them for life. They count on consumers failing to cancel their subscriptions.
Go add up all of your subscriptions. Check your bank accounts and credit cards to see all of the subscriptions coming out that you may have forgotten about and don’t actually use. You might find you can save hundreds of dollars each month.
5. Appeal Your Property Tax Assessment
Hands down the best way to save and make your property taxes more affordable is to appeal your property tax assessment. Your assessment is likely flawed, and your bill is quite probably over inflated. Just challenging this could lower your taxes by hundreds or thousands of dollars a year.