Property taxes or property taxes are one of those hidden payments that must be assumed and taken into account when purchasing a home. In some cases they can become really annoying and tedious, we could even say confusing, since there are many factors that must be taken into account when paying them. And speaking of paying, the average price of these taxes in the United States is 2,400 dollars a year, so we could also say expensive.
If you still do not understand how they work or how you could pay a little less for them, you are in the right place, are you interested in knowing about property taxes? Keep reading.
What are they?
Property taxes is the payment of a certain amount of money that the owner of a house must pay annually. This amount of money depends on several factors, the main ones being the location and the value of the house. To define the tax, two components are taken into account, the state where the house is located and the value of the property, once the value of the house is stipulated, a percentage of the price of the house will be charged as a tax, usually the percentage it is 1%, but it depends on the state and in some cases the county.
Taking all this into account, the tax on some properties can be ridiculously high, so it sounds worthwhile to find out how you could lower the price of this tax. Follow the tips below:
Try to lower the value of your home.
As we explained before, the price of the tax is going to be a percentage of the value of the property. And, usually the price at which the properties are set is not adequate. For this reason, if you do not agree with the value assigned to your property, you could claim. This must be done by an appraiser or a real estate agent who proves the value of your house, in this way if the price they had previously estimated was not correct, you could save a lot of money.
Look for a tax relief program.
According to billin.net, tax relief is the “decrease in the tax base of a tax, which is caused by some personal circumstance or an economic incentive that the taxpayer can apply.” This depends on each state or each county, but it never hurts to investigate to see if your case applies for relief.
Check if you are exempt from paying property taxes
The United States government provides a waiver if the person meets the following:
• Have certain abilities or disabilities.
• Live in a farm home.
• Be a war veteran.
• Being a senior citizen.
To confirm if you are on this list you must first consult with a tax advisor.
make an appeal
If you disagree with your tax bill you can try an appeal. This consists of hiring an expert lawyer on the subject to help you appeal by obtaining the necessary evidence to do so. Once everything is ready, all that remains is to present the appeal to the local tax board, from there a judge decides whether it is approved or not.
conclusion
These were some of the most common methods to try to lower the price of property taxes. Obviously there will be cases where it is impossible to do so, but if your situation is very critical nothing is lost by trying. The important thing will always be to be up to date with the law so as not to have problems in the future.
References
https://www.billin.net/glosario/definicion-desgravacion/#:~:text=La%20Desgravaci%C3%B3n%20es%20la%20diminuci%C3%B3n,de%20la%20palabra%20Deducci%C3% B3n%20Attorney.
https://cfl1.nation.com/need-help-paying-your-property-taxes-heres-how-to-find-relief/?jr=on
https://www.abogado.com/recursos/propiedades-inmobiliarias/impuestos-a-la-propiedad.html#:~:text=En%20promedio%2C%20el%20due%C3%B1o%20de,8%20108 %20in%20New%20Jersey.
https://www.revenue.ie/en/property/local-property-tax/paying-your-lpt/index.aspx
https://smartasset.com/taxes/property-taxes#:~:text=Simply%20put%2C%20property%20taxes%20are,the%20oldest%20forms%20of%20taxation.