2. Take Advantage of Homestead Exemptions
Depending on the home where a person lives, a homestead exemption can reduce the home’s taxable value and, therefore, the property taxes owed. It is applicable in almost every state, but the rules and benefits of it differ.
What to Do: Check with your local tax office to see if your state offers a homestead exemption and determine the eligibility requirements. For example, in Florida, you may be eligible for an exemption that reduces your home’s taxable value by up to $50,000.
Action: To avoid hanging up on deadlines, states usually have strict dates by which you should register for the homestead exemption; therefore, keep your eye on dates.
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