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Property Tax Exemptions


There are numerous forms of property tax exemptions, which vary state by state.  The creation of property tax exemptions in general, are a result of the flaws in the property tax system.  For example, farmers land was being tax as its potential “highest and best use” such as a multifamily development; effectively taxing many farmers out of business. 

property-tax-appeal 

City's and states, in an attempt to correct these wrong's, started offering property tax exemptions to avoid forcing owners into hard times.  There are many other property tax exemptions offered for a varity of reasons.  For example, many cities in run down urban areas have created “empowerment zones” where owners and tenants are exempt from a percentage of real estate taxes for several years.  This is done in an attempt to lure business back to the area.

Churches and other similar nonprofit organization are also rightly thought of as organizations that are totally exempt from real estate taxes.

Property Tax Exemption – Common List

  • Agricultural Uses
  • Charitable Uses
  • Veterans
  • Widows of Veterans
  • Schools
  • Religious Purposes
  • Hospitals
  • Industrial Exemptions
  • Empowerment Zones – Urban Renewal Projects
  • Historic Sites
  • Non Profits (some)

 

  • Cemeteries

  • Senior Citizens

  • Community Service Type Facilities

  • Homestead

  • Low Income Families

  • Disabled

  • Housing Authorities

  • Some Mining Facilities

  • Indian Lands

  • Reforestation Purposes

 

Real Estate Tax Exemptions

If you haven’t looked at your real estate taxes lately you could be wasting thousands of dollars per year on either your residential or commercial property taxes.  As real estate values continue to drop, more and more people are over assessed.  In 2006 the National Taxpayers Union reported that 60% of all owners are paying more than their fair share of taxes.  Perhaps 70% of all property owners are now over assessed, due to the decline in real estate values.

Don’t just sit there and take it!  You can appeal your taxes.  It is an American right to pay only your fair share of taxes.  It is really not that difficult to appeal and won’t take that much time.  The savings for most residential owners are in the hundreds to thousands of dollars per year.  In addition, if you learn how to show that you have over paid in previous years, you can often qualify for a REBATE.   

Click here to determine if you are over assessed and should bother to appeal.  

Know you want to appeal?  Click here to see how we can help.  

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