Afshin Afsharnejad — What Is A Property Tax Exemption?
In real estate, it’s a fundamental rule: just about everyone owns some type of property at some point. According to Afshin Afsharnejad, these property taxes, which are imposed by your county or local taxing authority, are calculated based on the assessed value of your home.
Homeowners typically pay annual property taxes on the value of their real estate holdings. Certain types of properties, such as those owned by religious organizations or government bodies, are exempt from paying property taxes. Individuals can also be exempt from paying a portion of their property taxes if they are veterans, disabled, seniors, or qualify for various homestead exemptions.
The majority of property owners are expected to pay property taxes, which can have a significant impact on their budgets and monthly expenses. In addition, the government has created several property tax exemption programs to help property owners lower or eliminate their property tax bills.
While property tax exemptions (also known as real estate tax exemptions) may help you save thousands of dollars in potential taxes, not every individual will qualify for them.
You are exempted from paying a portion or the entire amount of your property tax. Property tax exemptions differ from property tax deductions in that they allow eligible parties to avoid paying large portions of their property taxes outright.
In order to lower homeowners’ tax bills, governments offer tax deductions. A tax exemption is a way to waive a certain percentage of taxes in their entirety — and enterprising homeowners should do everything they can to take advantage of them.
Depending on their specific situation and status, certain types of properties and individuals may qualify for property tax exemptions. Senior citizens, veterans, low-income individuals, and disabled individuals may qualify, as well as nonprofit, religious, or government properties.
According to Afshin Afsharnejad, a property tax deduction simply limits your overall tax liability, so that you’re still paying taxes, but you’re limiting the amount of income or property value that’s taxable.
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