{"id":794,"date":"2018-12-12T20:46:27","date_gmt":"2018-12-12T20:46:27","guid":{"rendered":"https:\/\/taxreliefprofessional.com\/?p=794"},"modified":"2023-09-26T22:37:36","modified_gmt":"2023-09-26T22:37:36","slug":"are-you-eligible-for-property-tax-exemptions","status":"publish","type":"post","link":"https:\/\/taxreliefprofessional.com\/tax-debt-relief\/are-you-eligible-for-property-tax-exemptions","title":{"rendered":"Are You Eligible For Property Tax Exemptions?"},"content":{"rendered":"\n

Approximately 100 million Americans<\/a> rent their homes. Over double this number of people own theirs.<\/p>\n\n\n\n

Owning your own home comes with many benefits, such as not having to deal with a landlord, more predictable monthly costs, and a greater tie to your community.<\/p>\n\n\n\n

But, you’re also faced with the responsibility of paying property taxes. Fortunately, there are certain circumstances where you can qualify for property tax exemptions, and who doesn’t love deductions<\/a>?<\/p>\n\n\n\n

Not sure where to start? Don’t worry, we’ve got you covered.<\/p>\n\n\n\n

Let’s take a look at what you need to keep in mind.<\/p>\n\n\n\n

Senior Exemptions<\/h2>\n\n\n\n

Some things get better with age.<\/p>\n\n\n\n

If you’re a senior citizen, you’ll be pleased to learn you may qualify for property tax exemptions for your home. While the minimum age to qualify varies from state to state, it isn’t always 65, meaning you could cash in a bit earlier depending on your location.<\/p>\n\n\n\n

However, there are also often restrictions based on your residency and income.<\/p>\n\n\n\n

So, if you’re an elderly person with a high-paying job or substantial monthly income, you can expect to get less of a break compared to someone with a less stable financial situation.<\/p>\n\n\n\n

Regardless, these exemptions offer seniors a (sometimes much-needed) opportunity to save some extra cash.<\/p>\n\n\n\n

Homestead Exemptions<\/h2>\n\n\n\n

The amount of tax relief you’ll get from homestead tax exemptions can be highly variable based on your location. But, you’ll still be saving money by taking advantage of them.<\/p>\n\n\n\n

However, it’s also important to know if you qualify at all.<\/p>\n\n\n\n

A homestead is considered a structure that is owned by the person who lives in it. The term “structure” could apply to a home or condo.<\/p>\n\n\n\n

Homestead exemptions lower your taxes by effectively “overlooking” part of your home’s value. For example, if your home has been appraised at $200,000 and your state offers you a $50,000 homestead exemption, you’ll pay your property taxes as if your home were worth $150,000.<\/p>\n\n\n\n

As you can see, you have the potential to save a large chunk of cash if your state is generous with its exemptions, so make sure to do your research on your local tax laws.<\/p>\n\n\n

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\n Evaluate your tax situation\n <\/h2>\n

\n By evaluating your tax situation, you can identify areas where you may be able to reduce your tax burden and make informed decisions about your financial future.\n <\/p>\n \n \n\n\n

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