When I learned how to save money on property taxes, I was so excited! We even received a check for the two years that we had been paying too much. That check was worth thousands of dollars!

Now I'm going to show you how we did it.

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TRANSCRIPT:

If you’re low income and meet the eligibility criteria, you may be able to receive a property tax exemption that could help you save money on property taxes every year!

I’m Nicole, from LowIncomeRelief.com. We help millions of people save money and get free stuff every year!

First of all, what are property taxes? Property taxes are assessed by local governments based on the value of the property that you own. The more valuable your property, the more you’ll pay. The money is used for education, emergency services, parks, libraries and other local needs.

If you have a mortgage, the property tax payments are typically included in your monthly mortgage payment. The amount of tax you pay can make a big difference in the amount you pay each month for your mortgage. When I realized our family was eligible for a property tax exemption, it saved us hundreds of dollars each month!

Our property tax exemption was a serious blessing to our family during a very difficult time. My husband is a disabled veteran and we were living on his disability income alone. Being able to reduce our mortgage made a big difference in our finances… and we even received a property tax refund! The refunded our overpayments for the two years that we had been eligible but did not know about this program! That check was worth thousands, and came exactly when we needed it most.

If you’re wondering how to save money on property taxes, you’ll be happy to know that most states have a property tax exemption program. As of early 2020, 46 states offer a homestead exemption, which gives you a break on your property taxes if you actually live in your home. It doesn’t apply to rental or investment properties, obviously, but to those who actually reside in the home they own. The states that participate in the homestead exemption determine whether to forgive a flat-rate or a percentage of the property’s value.

You may be eligible for a higher exemption if you are low income, a veteran or a senior., but these programs typically vary by state. Many states have property tax exemptions for low income seniors, veterans and others… but the details often vary by state. In some states, you’ll only pay a percentage of your usual rate… but in other states, you’ll get a total deferment so you don’t have to pay any taxes until you move or sell the property.

For example, California gives homeowners a $7,000 reduction in the value of the home to be taxed. They also have a special exemption for disabled veterans, which can exempt up to $100,000 or more if the veteran meets specific criteria. They have other programs as well.

In Colorado, military veterans and senior over age 65 may be eligible for a property tax deferral. The tax must be paid before the property can be sold or transferred.

You most likely need to apply for an exemption in order to save money on property taxes. These exemptions are rarely automatic. You will need to contact your county’s assessor's office for the exact application process. In our case, I had to supply evidence of our eligibility, a valid photo ID with the property address, a utility bill, and income statements. The requirements in your area may be different, and it’s always a good thing to make sure you’re prepared before you file.

If you are eligible, be sure to ask about a property tax refund! We received a refund check for all the extra taxes we’d paid while we were eligible but didn’t know about the discount. When we helped my parents-in-law file for their exemption in another county, they also received a property tax refund check. If you are eligible for a property tax exemption, you should definitely ask your local county if you can receive a refund for past overpayments.

Remember, if you’re trying to figure out how to save money on property taxes, you can find a state-by-state list of all the rules and regulations at LowIncomeRelief.com/property-tax-relief.

Thanks for watching! I hope this video was helpful to you. Please remember to subscribe to Low Income Relief for more information about how to save money and get free stuff. Tap that bell icon to make sure you never miss one of our videos!

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