Simple Ways For Homeowners To Slash Property Taxes

Are you a homeowner looking to save some money on taxes by don't know how to? Owning a home in the US can be expensive, especially with the rise in home prices over the last decade. In addition to paying expensive down payments and mortgages, most homeowners nationwide also spend an average of $17,459 yearly for "hidden expenses" like taxes, utilities, renovations, and insurance!

As a homeowner trying to maximize your savings, you must learn as much as you can about potential tax advantages. Regarding property tax reductions, you can save money in two primary ways. These include:

Filing A Real Estate Tax Grievance

A real estate tax grievance is a formal complaint to contest your town's assessed value of your property. If you, with the help of a professional, can prove your property is worth less than its original taxable value, you could be eligible for a real estate tax reduction. Many homeowners believe if they file a formal complaint against their property tax deduction, it could raise their taxes, or someone representing the assessor's office might visit their property.

However, we assure you that all of those things will be fine! Once you file an official tax grievance, your real estate tax will either rise or remain the same. It will always remain the same, and no one will visit your property!

Lowering Your Assessment Via Exemptions

Another easy way to lower your assessment is by applying for a STAR exemption. For those who don't know, STAR is New York State's School Tax Relief Program, which includes a partial property tax exemption from school taxes and a school property tax rebate program. Everyone who owns and lives in personal property in New York is eligible for this exemption on their primary residence – whether it is a cooperative apartment, condominium, manufactured home, apartment building, farm dwelling, or mixed-use property.

You can have the basic STAR exemption for owner-occupied primary residences regardless of income or age. Basic STAR exemption works by exempting the first $30,000 from the total value of a home from school taxes. Enhanced STAR exemption is only available for senior citizens' primary residence with annual household income not exceeding the statewide standard. There are also certain other exceptions that you can look into for veterans and clergy.

Hire A Professional To Get Started Right Away!

While doing all this sounds pretty simple, it can be tedious. If you need help understanding how to appeal property taxes or would like to avoid complications and pitfalls, it's important you partner with a professional for guidance. It's their job to stay updated with all the latest news, changes, and updates that might impact property tax assessments. This can give homeowners an edge in navigating such a complicated landscape.

They will have years of experience helping homeowners like you save thousands of dollars on taxes. By entrusting your property tax assessment to a team of professionals, you can rest easy knowing you have a dedicated professional team doing everything they can to help you save some money and reach a fair and accurate property tax assessment.

For over 30 years our experts have successfully saved Long Island homeowners millions of dollars in property tax payments.