Watch Related Videos
comments
Finding sources of property tax relief can be essential in reducing the overall cost of ownership of your home. There are a few ways to save money on your property taxes. Most exemptions are filed when a borrower is closing their transaction and completed by the escrow officer or attorney in charge of the closing documents. However, if the forms are not completed properly, the filing will not be completed. Here are a few things you can do to file for an exemption.
Step One - Get a Homestead Exemption
Most states allow for a personal residence homestead exemption. Personal homestead exemptions are usually mandated by most states’ constitutions, and are designed to shelter homeowners from the burden of excessive property taxes.
Homestead exemption coverage is automatic in some states; however, in other states, you must apply for the exemption. Check online for your state's tax assessment office. Request a homestead exemption form, complete, and mail to the assessor's office. The process can take 30 to 90 days, depending on the size of your state and personnel.
In addition to saving you money on your property taxes, homestead exemptions also protect homeowners by prohibiting the forced sale of your home to meet the demands of most creditors.
Step Two - Request a New Tax Assessor's Valuation
The amounts of your property taxes are based on the County Tax Assessor's property valuation. The value is determined without a physical inspection and can reflect comparisons to homes that are not comparable properties. The valuations can be higher than the appraised by you of your home.
Contact your County Tax Assessor's office and apply for an appeal, or re-valuation, of your home's property tax assessed value. Many local governments provide a venue for appealing the valuation, and make it fairly easy to present your case in having your home valuation adjusted or lowered.
