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Things Every Homeowner Should Know about Property Taxes

November 05, 2018 1525

Owning a home is a wonderful feeling but it comes with the responsibility of paying the property tax. You need to know how much will your property tax cost and be prepared accordingly. Here are a few things you as a homeowner should know about property taxes:

  1. You could incur penalties for not paying your property tax- The penalties differ from state to state but you could lose your house if you don’t pay your property tax on time.
  2. You can pay your property tax by credit card- Some cities allow you to pay your property tax by credit card. However, it may not always be a sensible option. There’s usually a 2-3% fee on the transactions and when you are paying a bigger sum like the property tax, it may add up to be a lot.
  3. You get a tax break because of your property taxes- Owning a Home can get you tax deductions and rebates on your next bill. You can deduct what you paid in property taxes throughout the year when you file your federal income tax return. This tax break reduces the amount of tax you owe, and it can even help you qualify for a refund. Ensure you pay your property tax on a timely basis.
  4. You can pay the tax through Escrow- Many mortgage companies make paying property taxes more manageable by paying your property taxes out of an escrow account you fund by paying 1/12 of your tax bill with each monthly mortgage payment. Just be sure to follow up every now and then to check that your tax bills are being made on time, since your lender is paying these bills on your behalf.
  5. You may be eligible for a property tax exemption- In some cases, like military veterans, you are exempted from property taxes. Exemptions always vary from state to state. Homestead exemptions reduce property taxes for all homeowners in a particular jurisdiction by sheltering a certain amount of a home’s value from tax, according to the Institute on Taxation and Economic Policy. 
  6. You should try to get an estimate of your property tax before you buy the property- You can contact the local tax assessor to understand the property tax you will have to pay. Learn as much as you can about property taxes and the income tax rates when buying a house so you know how much budget to allocate towards it.

For further details, visit https://www.hdfclife.com/

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