Property taxes are part of home ownership. They help fund the local governments in the Emerald Coast region. That said, you only want to pay the amount required by law. Fortunately, several options exist for lowering your property taxes on the Emerald Coast.
Read this post to learn a few tips for reducing your Emerald Coast property taxes.
Is your Emerald Coast property your primary residence? If so, you can apply for a homestead exemption. You can also get the exemption if the property is the primary residence of a dependent. The homestead exemption can be good for up to $50,000 off the property’s assessed value. For example, if your home is $250,000 in appraised value, the exemption could reduce it to $200,000 in taxable value.
One benefit of the homestead exemption is that it can make the property eligible for other tax savings. The Save Our Homes assessment limitation is one example. With Save Our Homes, there are limits to how much a homestead property’s assessed value can increase in one year. It protects homeowners from excessive increases in property taxes when home values increase sharply. The law limits the annual growth of the assessed value of a homestead to 3%.
You can enjoy additional exemptions if you are over 65 years old. For example, there is an additional homestead exemption for older people. The two essential requirements are that you are over 65 and make less than the income limit. The property must also be your permanent residence. If your household is eligible, it could be suitable for an additional $50,000 off the home’s assessed value.
You should pay your taxes on time to avoid penalties. Emerald Coast property taxes are due by March 31. However, homeowners can get discounts on their taxes by paying them early. The earliest you can pay is November 1. If you pay before December 1, you can get 4% off your tax bill. You can also get 3% off for paying by the end of December. January payments are good for a 2% discount. Paying in February can still be acceptable for a 1% discount.
The government bases your tax bill on the value of the home. If the appraiser sets the value too high, you’ll pay more than you should. Fortunately, you can appeal the taxable value of your home. The homeowner must file a petition with the county to appeal the assessed value. A successful appeal would result in a lower tax bill.
Do you need help buying or selling homes on the Emerald Coast? Click here to contact Mike Jones. Mike is a local real estate expert with extensive knowledge of the Emerald Coast. He can help you make the most of your purchase or sale.
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