Lower Your Property Tax Bill

Property taxes can be lowered! How?

Exemptions:

• Homestead Exemption – everyone is qualified for a homestead exemption on their primary residence. All it takes is an application with your county assessor by February. This exemption lowers the value of your home, on which your tax is assessed, by up to 20%.
• Home Value Caps – some states, such as Florida, have provisions to cap the assessed value of your home to a 3% increase. Although tax rates can go up, the value of your home can be steadied.
• Disabled Person’s Exemption- if you meet Social Security’s definition of disabled, you can apply for property tax exemptions with your state.
• The Window on State Government website can help you sort through the details. .
• Other state exemptions: There are other exemptions for homeowners in states, and they vary from exemptions for veterans to widows to minors.

Appeals: It is estimated 2/3 of the property in the U. S. is over-assessed. It is wise and prudent for people to make appeals on their property tax assessments and save money.

• Check your assessment for math errors, clerical errors, and mistakes in property description such as lot size and numbers of rooms. If there are mistakes, appeal.
• Check your neighbors’ tax bills. This is public information. Your taxes should be in line with the property around you; and if not, you can appeal.
• Because of changes in the market, it is wise for you to check the market value of your home with local realtors. When market value goes down, the assessed value should go down and result in lowered taxes. If you bought your home between 2003 and 2008, there will likely be a difference in your favor. Willow.com will show you the current market value of your home.

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