At Atlanta Seniors Real Estate, we understand that managing property-related expenses is essential. One significant expense you may want to reduce is your property tax bill.
Property taxes are a necessary part of homeownership, but there are some easy ways to find tax relief. Here are ten effective strategies to help you save tax dollars.
1. Know Your Property’s Value: Review your property assessment carefully to ensure it’s accurate. If you find discrepancies, consider filing an appeal with your local tax assessor’s office.
2. Homestead Exemption: A homestead exemption can significantly reduce your property tax burden. Check with your local tax authority to see if you qualify and how to apply.
3. Explore Property Tax Relief Programs: Some jurisdictions offer property tax relief programs for eligible homeowners, particularly seniors, veterans, and low-income individuals.
4. Consider Renovations Wisely: Before undertaking major renovations, consider how they may impact your property tax assessment. Some improvements can increase your property’s value, leading to higher taxes.
5. Challenge Property Assessment: If you believe your property’s assessed value is too high, consider appealing it.
6. Look for Errors in Property Records: Ensure that all details about your property, such as square footage, number of bedrooms, and other key features, are accurate so you don’t have an overassessment.
7. Explore Tax Deferral Programs: Tax deferral programs allow you to postpone property tax payments until a future date, such as when you sell your property, or it passes to your heirs. It may not lower your tax bill but it can provide financial flexibility.
8. Stay Informed About Tax Changes: Property tax laws and rates can change, so stay informed about local tax developments.
9. Be Mindful of Local Politics: Understand the positions of local candidates and their proposed policies regarding property taxes when voting.
10. Invest in Energy Efficiency: Improving your home’s energy efficiency not only reduces utility bills but can also qualify you for tax credits or exemptions in some areas.
Cities and communities have unique rules and opportunities, so research your area’s regulations and, if you have questions, speak with a tax professional. If you have any questions, please don’t hesitate to reach out. We’re here to help you make the most informed decisions about your real estate investments.
*Property taxes in Georgia are due December 20th.
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