How to reduce property taxes

Property taxes are one of the biggest expenses for homeowners, but there are ways to pay less

While no one can "legally" escape paying property taxes, there are several ways they can be reduced:

• Having your home reassessed is one of those ways.

• People who have reached a certain age may be eligible for certain property tax discounts. But this may require a very low income to qualify.

• There are also some home tax credits or exemptions that may qualify for a limited appraised value on the property.

According to the National Taxpayers Union, up to 60 percent of properties in the United States are overvalued. If you suspect that your property taxes are high, here are the steps to take.

• Obtain a copy of your property tax assessment from your local assessor's office and double-check all information to see if it is correct.

• See the evaluations of five comparable homes that have sold in your neighborhood in the last three years.

• An independent appraiser can also provide you with accurate information. Make sure you are licensed by the National Association of Independent Rate Appraisers or the American Society of Appraisers.

• It is not possible to lower the property tax rate, only the home's assessed value through official appeal. However, there may be fees associated with this appeal.

Some home improvements will increase the value of your home and, in turn, your property taxes. These are some of the most common culprits:

• Add a second or more floor to the house.

• Exterior buildings, such as a guest house.

• Install a pool.

• Make improvements to the property's fence or fence.

• Build a garage or other room in the house.

A change in the neighborhood can also cause property taxes to go up. For example, building new stores and homes can have a major effect on the appraised value of your home. https://enformics.com/