Many state governments offer property tax exemptions to qualified veterans with disabilities. However, since the amount of coverage and rules for eligibility vary from one state to the next, you may still need some extra help. Luckily, there are plenty of ways you can lower your property taxes in the event you have to pay them in full. Here are some tips for keeping your property taxes down:
Property taxes vary by region, but are also dependent on the value of your home. The more value you put into a home, the higher the potential property taxes can be. One way to control a spike in property taxes is to limit major home improvement projects. Avoid non-essential home improvement projects like adding a swimming pool or remodeling an entire kitchen, as these things are known to increase overall property value.
However, this advice doesn't necessarily apply to all home improvement projects. For example, veterans with disabilities can receive special housing grants to finance home upgrades to accommodate a disability. While these changes can add value to the home, there is more opportunity to ease the financial burden. If you're not sure how a certain project will affect home value, you can consult a professional appraiser for more info.
Conveniently, it's a simple process to obtain a copy of your property tax bill from local government offices. Carefully reviewing the bill can be an excellent way to save on your property taxes. Check for any mistakes or inaccuracies based on the size of your property and livable square footage.
It can also be helpful to research neighborhood home values to confirm how your taxes compare. Major discrepancies might be mistakes you can have resolved in your favor.
A major part of your home's value is determined by the appraisal performed by a tax assessor. If after reviewing your bill you feel there are discrepancies to be addressed, it can be worth hiring an independent home appraiser. Compare the results to determine the most accurate value and potentially save thousands of dollars per year in property taxes.
Cheryl Caldwell has been a licensed Realtor in the Greater Newburyport area since 2006 and has been a consistent multi-million dollar producer. Her prior 15-year experience as a commercial and residential real estate paralegal in Boston and then Newburyport has proven a valuable asset as she assists her clients, both buyers, and sellers, in navigating through the paths to buying or selling real estate. She prides herself on her hands-on approach to each and every client, property, and challenge that comes her way. Working extensively with builders and developers on new construction as well as renovated homes has provided her with a skill set that benefits her clients every day.
