Property taxes are one of the most significant expenses homeowners face each year. In many areas, property taxes have risen faster than the rate of inflation and home values. This can result in higher property taxes for homeowners. To keep your property tax bill as low as possible, here are five ways you can Lower Property Taxes in 2022.
Ways To Lower Property Taxes
Don’t Own Too Much Property
The most common way to reduce property taxes is to not own too much property. When you own a major portion of the community’s land, you might be subject to a much higher property tax rate than your neighbors. The best course of action is to own just enough real estate to cover your essential household needs. You can use rental income or a mortgage-free strategy to keep your property tax bill low. If you own too much property and live in an area with higher taxes, you could make some big savings.
Evaluate Your Home’s Value
Another way to keep your property tax bill down is to assess your home’s value realistically. In certain areas, property taxes are based on a percentage of the home’s value rather than a fixed amount. If a nearby home is assessed at a significantly higher value than yours. a percentage of your taxes will be used to repay the difference. It’s worth the time to assess the value of your home. If your home is assessed at a much lower value, than the surrounding homes, you can use this to your advantage. You can also contact your county assessor’s office and have your value assessed in a more accurate way.
Invest in Your Home
The best way to keep your property taxes low is to put as much effort into lowering your property tax as you do in paying the taxes. This can be accomplished through a number of strategies. Invest in your home. Make sure it’s in good condition and maintain it as it’s your best way to keep your property tax bill down. Improve your home. If you have room for a home improvement project that will increase the value of your home, you could reduce your property tax bill considerably. Additionally, you can create a financial benefit for your child or spouse in the future.
Reduce Outdoor Maintenance
When it comes to lowering your property taxes, less is more. Outside maintenance can be a significant cost for homeowners. Some of the most common maintenance includes mowing your lawn and trimming your trees and shrubbery. Mowing your lawn is a relatively cheap and easy way to keep your taxes low. Investing in a mower with mulching and bag capabilities will cut your outdoor maintenance costs in half. Trimming your trees and shrubbery is another major property tax expense for many homeowners. Invest in a hedge trimmer, which is more efficient and less damaging than a chainsaw and will save you hundreds of dollars each year.
Hire a Professional Service Provider for Certain High-Cost Projects
Certain high-cost home improvement projects can lower your property taxes significantly. These include adding a second story, installing metal roofing, and adding a basement. If you have plans to invest in one of these high-cost projects, it could be worth the time to look into lowering your property taxes in the short term. This is especially true if you have an area of your home that is subject to a higher tax rate.
Negotiate with the County Previously Regarding Ongoing Costs
In some areas, the county assessor’s office is required to provide a breakdown of your property taxes for the coming year. This can be beneficial if you have a high property tax bill that has to be paid each year. If the county doesn’t provide this breakdown, you should negotiate with the county to lower your ongoing property taxes. This has to be started before the end of the year, which makes it worthwhile to lower your taxes in 2022.
Conclusion
If you want to lower your property taxes, there are several things you can do. Don’t own too much property, assess your home’s value realistically, invest in your home, reduce outdoor maintenance, hire a professional service provider for high-cost projects, negotiate with the county regarding ongoing costs, and continue to negotiate during the year. These six tips will help you keep your property taxes as low as possible in 2022.
