Property Tax Exemptions Worth Knowing About

It’s no secret that property taxes can get pretty high, and, while you can’t escape paying them altogether, there definitely are things that you can do to cut down on your property taxes. In fact, there are quite a few credits, deductions, and exemptions that you may qualify for. We’ll cover a few of the basics here, but remember, you should always be able to go to your accountant and/or tax adviser to learn more about available discounts and how to take advantage of them.  

Veteran Assistance

First things first, are you a veteran? If so, then there are probably several different property tax related credits, deductions, and/or exemptions that you can qualify for. However, these do vary from state to state, so, where you live will play a big role in which of these you can receive. Ask your tax adviser to point you in the right direction!

Aid for Senior Citizens

Veterans aren’t the only ones who can get a break on their taxes! Senior citizens are another group that is often eligible for discounts, especially in the case of senior citizens who are over 65 and fall into a lower income bracket. Again, these discounts do vary from one state to the next, so check with your tax adviser. It’s definitely worth the effort because some discounts are so good they can keep you out of foreclosure.

A Hand for Farmers

Finally, even farmers can get a little credit...literally. Land that is deemed “agriculturally productive” qualifies for property tax breaks in most states, especially Florida, which is very liberal when it comes to handing out this credit. Other states, however, have more stringent requirements, but, no matter where you live, this credit and all the others are worth looking into. In fact, you should really ask your tax adviser to help you uncover and make the most of every possible discount you may be eligible for!