Everyone has had at least one experience where they were handed a tax bill that caught them off guard. If you are wondering how that happened, maybe you are not paying attention to your taxes as much as you need to. Nevertheless, there are a few tricks to lower your property taxes.
Before moving forward, you should know that these tricks are completely legal. It is not advised to engage in any form of illicit activity and put yourself at risk of legal trouble. If you need help filing your taxes or reducing them, a CPA in Lake Mary, Florida can help.
Tricks to lower property taxes
- Buy property in an affordable area.
If you jumped on a property deal only to find out later that it was too good to be true, you should keep searching for properties. If you keep searching properly, you will be able to find many more affordable options in Lake Mary, Florida. The more affordable a place you buy, the lesser your property taxes will be. This is perhaps the easiest way to lower your taxes legally.
- Limit property improvement projects.
Your property’s value is directly linked with the amount of property tax you pay. When you renovate your property to improve its curb appeal or something else, you increase its market value. Adding a pool, revamping the kitchen, or remodeling the basement can raise the value of your home/building. And with that, increase property tax.
- Walk home with the assessor.
When the assessor visits your place, do not make the mistake of letting them wander around the property alone. When you leave them alone, they only see the good points and the newly done improvements. They often overlook that some appliances are broken or that there are some cracks in the ceiling. To prevent this, walk with the assessor to show them the good as well as the bad. This will ensure a fair assessment of your property.
- Understand how property taxes work.
The laws for property taxes differ from region to region. Learn about the taxing process in your locality to understand your tax bill better. The millage rates and assessment value ratios will be different in each location. Therefore, check with your authorities to see what these rates are to estimate your tax bill.
- See if you qualify for tax exemptions.
Many governments offer tax exemptions for a variety of reasons. A few people who are exempted from tax include seniors, veterans, homesteaders, and certain agricultural uses. Make sure to check if you qualify.