If you own multiple properties or if you live in an area with a high property tax rate, you may be wondering if there is any way to reduce your property tax bill. In a lot of cases, you may just be stuck paying the amount noted on the bill. But there are a few options. Check out these tips if you want to lower your property tax bill.
1. Ensure the assessment is fair.
The property tax assessors have to put a value on every home or commercial building in their jurisdiction. This is a big job, and they can make mistakes. Don't assume that the assessed value of your property is fair. Look closely at the number, and compare it to the assessed value of similar properties in your area to determine if it's fair.
2. Appeal high assessments.
If you think that the assessed value is too high, get ready to appeal. Every area has a process for appealing the property tax. In some cases, the instructions are on the property tax bill. In other cases, you'll need to check out the website for the county assessor.
Keep in mind that there's usually a short window of time between when you receive the bill and when you can appeal the assessment. To make your case, you can use a list of comparable properties from your area (called "comps") or you can hire a private party to assess the value of your property.
3. Make sure to pay on time.
Paying your property tax bill late can lead to fines and penalties. Pay on time if you want to keep your property tax bill as low as possible.
4. Apply for discounts and exemptions.
Depending on your personal situation and your unique property, you may qualify for discounts or exemptions. Some counties offer discounts to seniors, veterans, or disabled people. You may be able to get discounts on commercial properties if they follow certain environmental standards or provide benefits to the community. Research the options in your area to ensure you're not paying more than you should.
5. Work with a property tax services company if you have multiple investment properties.
Dealing with multiple different property tax bills can be confusing, and it can lead to a very high bill. To reduce your property tax liability as much as possible, you may want to turn this job over to the pros.
They can keep your bill low by ensuring compliance with due dates and filing requirements. They can also help you apply for exemptions, get penalty abatement, and use other tactics to keep your liability as low as possible.
For more information, contact a company like Texas Property Tax Reductions.