Property taxes provide funds for schools, roads, and many other important aspects of our community. However, that doesn’t mean you should be paying more than you have to. If you’re a veteran, disabled, over 65, or under certain income thresholds, you may qualify for a property tax exemption. Here are some other ways to lower your taxes.
Homestead Exemption
Your primary residence may qualify for a homestead exemption, which will lower your home’s assessed value for tax purposes. This will reduce how much you owe in property taxes.
Appeals
If your property value seems higher than it should be on your property tax assessment, you can file an appeal. If you’re successful, your property will be adjusted to a lower level and how much you owe will be adjusted accordingly. However, this method could backfire if your home is found to be worth more than originally estimated.
Renovations & Energy Incentives
If you have an older home or historic home, you may qualify for tax breaks for repairs or improvements. This is based on a home-by-home basis and you may need to submit an application before your work begins. You can also look at improvements that make your home more energy efficient.; such improvements may qualify for tax breaks.
Need Cheyenne real estate help? Put our professionals to work for you. We have experience, integrity, negotiation skills and the power of the global brand of RE/MAX behind us. What’s this mean for you? You can trust that we have your best interests at heart, you can count on us to listen and you can know that your objective is our objective when it comes to your real estate goals. Connect today at 307-635-0303 or online.
