4 WAYS TO SAVE IN THE NEW YEAR!
Everyone likes saving money! Here are some sure ways to get your year started in the right direction.
Property exemptions lower your tax rate. All exemption filings are due by certain deadlines. Check the tax assessor's website for each one to ensure you get your filing in on time. Anyone who lives in their property qualify for a Homestead Exemption in the state of Texas however there are other exemptions that you may be eligible for that could save you even more.
Over 65 – Saves you a considerable amount of school taxes. Disabled Veteran OR Survivors of a Disabled Veteran – Depending on your disability rating your taxes are reduced by that much. 10% = 10% off
Residence Homestead of 100% or totally Disabled Veterans - This newly created Section entitles a 100% exemption for a residence homestead of a qualifying Disabled Veteran. In accordance to the Tax Code, a Disabled Veteran who has a 100% service connected rating from the United States Department of Veteran Affairs, or is unemployable, is exempt from taxation on the veteran´s residential homestead.
Disabled Homestead – May be taken in addition to the Homestead exemption.
REVIEW & PROTEST TAX ASSESSMENTS
Every year the Tax Assessor performs a review of your property and designates its value. Based on that figure they tax you. The higher the assessment the more they can charge you in taxes. Sometimes these increases have no bearing on market value. Often times, the property owner misunderstand this figure to mean they can actually sell it for this amount. What you don’t know is that these may be overvalued and you may be paying too much. Instances of ‘across the board’ increases in valuation happen more often than we think. Remember, the person assessing your property is a government employee seeking to justify and contribute to having monies for their upcoming yearly raises/benefits. Question your assessment and when in doubt, PROTEST!
SHOP YOUR HOMEOWNERS INSURANCE
If you have an escrow account you’re probably not paying any attention to your Homeowner’s Insurance. It happens so automatically in the background that you forget to shop your insurance carrier. Insurance never seems to go down when you let your current company handle it. However; when you seek at least three estimates 2-3 months BEFORE expiration, you’ll have complete control to save that premium from your escrow account and get an overage returned to you! If you don’t pay close attention to this as your insurance premium increases so will your monthly mortgage. Control it and save!
Don’t have an escrow account? Shop your current carrier 30 days before expiration and save!
Interest rates are low! If you have a mortgage that’s over 6% check with your bank to see if they can do a streamlined refinancing loan. It could save you thousands of dollars. However; don’t refinance if you’re at the end stages of your loan. You’ll reset the ‘interest clock’ to the favor of the bank. You don’t want to do that. Instead you should consider accelerating paying it off.
If you have any questions regarding how to proceed with any of the money saving tips shown here please reach out to your Houses In San Antonio agent. They’d welcome the opportunity to help you. Here’s to your continued success and financial well-being in the New Year!
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