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6 Ways to Reduce Your Property Tax Bill

By timhoughten
Saturday, August 9, 2014
Tired of high property tax bills? Frustrated at trying to keep up? How can you reduce your property tax bill, save your home, and enjoy more disposable cash?

Here are six, easy, intelligent, creative, and even slightly eccentric ways to lower your property tax bills…

1. Take Advantage of Your Exemptions and Discounts

Many property owners are overpaying on property taxes each year, simply because they aren’t taking advantage of the exemptions and tax breaks already provided to them. This may include tax breaks based on location, age, being a military veteran, storm damage, low income housing owner, and more. Check out what you might be eligible for, and claim it.

2. Reduce the Taxable Value of Your Home

In some cases property owners have become very creative in reducing their property’s assessed value. This can include going to the extremes of reducing the usable size of property improvements, and even reducing the number of bedrooms in a home. In essence this means devaluing the property to owe less in taxes.

3. Tear Down and Re-Zone

Those that own property with buildings they never plan to use might even consider tearing structures down, or at least subdividing parcels and having them re-classified as tax preferred property types, like agricultural land which is normally taxed at a lower rate.

4. Move Your Home to a Lower Tax Area

Love your home, but not your tax bill? Some of those in extreme high tax districts such as New Jersey and on Long Island, New York could pick up their homes and have them moved to lower tax regions. For a few this may make sense. However, be sure to factor in the hefty costs of moving a physical home and potential for severe damage.

5. Go Green

Some homeowners may be able to reduce their tax liability and other costs by going green and making their homes more energy efficient. Look for local and federal programs that may offer both the funds to make energy efficient improvements, and reduce the costs of homeownership.

6. Appeal and Fix Property Tax Bills

In areas like Long Island it is openly admitted that a substantial percentage of homeowners are systematically over billed for property taxes each and every year. Simply by leveraging the help of local property tax adjusters homeowners can challenge their bills, have them corrected, and pay less in taxes.
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