How to Get Property Owner Tax Breaks
Property taxes continue to rise and with inflation across the board, we need all the help we can get to save money. There are ways for property owners to save some money by getting certain tax breaks. Different tax breaks apply in different situations.
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Instructions
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Get property owner tax breaks by filing for homestead exemption. When you purchase a home and live in that home, you are entitled to a property tax break. In most states, you must file for homestead exemption within the first year after purchasing the home. It's a simple process that entails filling out a form and taking it (in person) to the tax assessor's office, usually inside your county courthouse.
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Become a senior citizen and you can get property owner tax breaks. Age does have its privileges. In most areas, when you turn 65, you are entitled to file a senior citizens homestead exemption that gives you an additional tax break on top of the regular homestead exemption. Also, for those senior citizens whose income is under a certain amount, a tax freeze goes into effect.
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Know that if you own rental/investment properties, you can get property owner tax breaks when you file your yearly income tax return. Expenses involved in the owning and operating of rental properties as part of your business ventures allow you to deduct a portion of your property tax bill. The specifics and percentages can vary from place to place and depending on circumstances, so check with your tax accountant.
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File for a disabled veteran's exemption if you found it necessary to modify or remodel your home due to your disabilities. Veterans can get property owner tax breaks to provide financial relief from the expense of having a home made accessible for wheelchairs or other medical equipment. Your local Veteran's Administration office can help you find out what you are entitled to and how to apply.
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