As local governments look to raise revenue, they are going to look to one of the few declining taxes around: the property tax. A slight increase in millage rate may seem like a small addition, but it adds up quickly and there are ways you can avoid paying more than you owe. The Equifax Finance Blog explains more in the article, “
Beware of Paying Increased Property Taxes.”
While there are often small increases to property tax to keep up with cost-of-living adjustments, you can help shield yourself from higher than expected millage rates by being proactive:
- Make sure your property is fairly evaluated. Unless you areselling a home
, there are many benefits to having your home being valued low. You can cut your property tax, save on insurance and more. Saving this way requires the additional cost and effort of obtaining a certified appraiser’s report to compare area home prices and sales to prove your valuation to the local tax assessor’s office. Just remember that the appraised value will stick with you a while, so you may want to avoid this tactic if you plan to sell your home in the near future.
- Take advantage of every exemption that you can and educate yourself about available benefits. For instance, many local governments offer exemptions for energy-efficient home upgrades, so you can invest in your house and enjoy it rather than paying more to live there.
The full article has even more ways to keep from over-paying on rising property taxes. Check out more tips on the Equifax Finance Blog, where you can learn about
saving money with everything from property taxes to retirement and more!