Property tax savings you didn't know about
With today's expensive real estate & inflation, you may be wanting to save on bills.
Every year, homeowners must pay property taxes.
Property taxes are expensive whether you pay them all at once or make escrow payments throughout the year.
To save on property taxes, you must first understand them.
Property taxes are computed by multiplying your home's taxable value by your local property tax rate.
Investopedia says taxable value differs from assessed value.
Your home's assessed value is dependent on its size, age, location, building type, condition, & value relative to nearby properties.
Assessed value minus tax credits & exemptions equals taxable value.
You can determine your property tax based on your home's taxable valuation & local tax rate.
First, divide by 1,000. Multiply that number by your property's taxable value to determine your annual property taxes.
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