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With taxes forever on the rise, it’s important to know just how many deductions and breaks you could be eligible for. Tax season is always looming, so let’s see what secret tax break could help homeowners save tons of money each year!
High costs threaten thousands
If you own a home, there are many pricey costs you must pay on a regular basis. A recent study conducted by Zillow and Thumbtack concluded that a median-priced U.S. home could cost up to $6,327 a year in property taxes, utilities and homeowner’s insurance.
That’s not including mortgage payments and the usual costs of keeping up a household. So what can you do to try and lower this annual amount?
Defer those property taxes!
It’s amazing how little people utilize programs that allow them to defer property taxes. Half of the states in the United States have property tax deferral programs that can help alleviate the stress of these hefty payments. For retirees living on a fixed income, this kind of system could make a huge difference in enjoying your post-career lifestyle.
Typically, a property tax deferral program will let you put off real estate taxes for as long as you remain in your home, and you will probably have to get approval if you mortgage your home. But it could end up saving you thousands a year!
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The first step to seeking out a property tax deferral program is to research the rules in your state. Search your state’s treasury office or reach out to your local appraisal office to see what programs are available in your area. You can also look up tax relief programs through the Lincoln Institute of Land Policy database.