Try these tips for cutting your property taxes
Taxes: Property Taxes
"My husband and I are considering whether to walk away from our house. We filed bankruptcy four years ago and did not reaffirm the mortgage loan. Do we inform the bank, and are we responsible for property taxes and homeowners insurance?"Are Homebuilding Labor Costs Tax-Deductible?
Building a new home? Are contract labor costs tax-deductible? The answer is "NO." You cannot deduct payments made for contractor labor costs or any other expenses that arise in the construction of your new home in the current year. However, it is still important for you to keep track of these financial outlays for the future.
Deductible Expenses of Two Homes
"We bought a new home in 2013. Our old home, in which we made substantial repairs, new roof, new kitchen, etc., has sat on the market from February 2013 to the present. What, if anything, can we take as deductions to our taxes for 2013?"Beware Scams when Cutting Property Taxes
Everyone wants lower property taxes. Beware scams in which companies charge fees to dispute your property assessment. In many cases, you can challenge your property assessment on your own, free of charge, without expending a lot of time and effort. Experts recommend homeowners watch out for the following.How 3 Homeowners Fought Property Tax Bills
Declining house values create great opportunities for homeowners to contest their property tax bills and potentially save big money. Each jurisdiction has its own rules, procedures and deadlines to appeal property taxes. The bottom line is that a little research, communication and patience can pay off when you fight a property tax bill. To prove the point, here are three real-life stories of homeowners who have fought or are fighting their property tax assessments.
6 Tips to Make a Case for Property Tax Cut
Good news for Americans facing eye-popping property taxes: You can fight city hall, or whichever government body sends you this annual economic albatross. The National Taxpayers Union estimated earlier this year that up to 60 percent of the country's real estate is assessed too high. Here's how to make sure you don't pay too much.Property Taxes too High? Get Help
If you think your home's assessed value is too high, you can appeal the tax assessor's verdict -- either on your own or with the help of a third party who will handle the grievance process for you.
More Money Tips & Tools
- 10 places to look for $500 in savings
- 9 savvy strategies to save for a rainy-day fund
- 5 big bills you can cut fast
- Money-saving secrets of the rich and frugal
- It's NOT the $4 cup of coffee keeping you broke
- How to get your side-hustle going with crowdfunding
- A variable income budgeting strategy for the seasonal worker
- This week's Readers' Tips