• Nigel Donestown

Afshin Afsharnejad-A Complete Guide of Property Tax Exemptions

Are you eligible for property tax exemptions? Or want to know your eligibility? It’s an elemental rule of real estate: Practically everyone who owns a part of the property must pay taxes to the government regularly. According to Afshin Afsharnejad, these property taxes, which are levied by your county or local taxing authority, are established on the assessed worth of your home.

Property Tax Exemption

Certain types of properties are exempt from paying property taxes, such as those owned by religious organizations or government bodies. Some individuals will also be exempt from paying a portion of their property taxes due to their status as a veteran, disabled person, senior, or due to various homestead exemptions.

To lower homeowners’ tax bills, governments offer tax deductions. These exemptions waive a certain percentage of taxes in their entirety — and homeowners should take advantage of them.

Who Is Exempt From Paying Property Taxes?

Homestead Exemptions

You can protect a certain amount of the value of your primary residence from taxation with a homestead exemption, which is available in most states.

Senior Exemptions

Many states provide tax exemptions to homeowners once they have reached a certain age.

Exemptions For Disabled People

Individuals with disabilities may be eligible for tax relief on a portion of their property taxes, again, with specifics of the underlying programs varying widely by state.

Exemptions For Veterans

Military veterans and active service members may also qualify for property tax exemptions depending on where they live, according to Afshin Afsharnejad.

Income-Based Exemptions

If you earn a low income, you may be exempt from residential property taxes in some municipalities.

Monthly mortgage payments include not just loan principal and interest, but also property taxes and homeowners insurance. As property taxes increase, so do monthly mortgage payments.

In light of the potential impact that property taxes have on mortgage payments, you should take advantage of any exemptions you are entitled to since they could provide you with an unexpected windfall.

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