Want to save on your property taxes?
There is more than one way to slash your high property tax bill. Some are smart, and others may just be costly.
The most obvious and straightforward way to trim your annual property tax bill is to simply enroll the help of Property Tax Adjusters, Ltd., challenge your assessment and bill, and get it reduced. Almost half of all Long Island property owners are eligible to do this each year.
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Another, less conventional way to reduce your tax bill is to devalue your home, and in turn, its tax assessed value.
This can potentially be done by reducing the number of bedrooms and bathrooms, the interior square footage, and garages. Or you may even sell off part of the land, which typically holds the most value in high priced areas, like NY, CA, and FL.
Kanye West recently went to the extreme of completely stripping his Malibu mansion. Including taking out the plumbing and electrical, and windows. Now he’s trying to list it for sale. The NY Post notes that he’s already had to slash the price from $53M to $39M. Or about $14M less than he originally paid for it.
Watch Out For Costly Home Improvements Too
If you don’t care about how high your property tax bill is, or you are inspired to flex your creative talents to make home improvements in the hopes of selling for more, there are ways to add to your value.
Just reverse the above strategies. Add more bedrooms and bathrooms, and square feet.
Do not fall victim to the myth that cosmetic improvements will add a dollar in tangible value to your home. Such as replacing floors, installing new kitchen cabinets, or even gold plating your toilets. Most home ‘improvement’ projects actually lose money.
Summary
If you can’t afford to keep your home, or it’s a financial burden, sell it now, as-is. Or simply get help to reduce your property taxes. You may also go further to renegotiate mortgage payments through a loan modification, cut insurance coverages, and cut back on utility usage.