Property taxes are a required cost of owning a home, but 46 states in the U.S. offer a homestead exemption that can help lower the tax burden if it is a primary residence, according to SmartAsset. There can be an upper limit on the value of a home that qualifies, and there might also be more substantial exemptions available for those with low incomes, seniors, and the disabled. Once qualified, there will be either a percentage discount on property taxes or a flat dollar amount deducted from the bill. As an example, someone who owns a home with an assessed value of $200,000 living in a state with a one percent property tax would typically owe $2,000 each year. With a $50,000 homestead exemption, however, they would only owe taxes on $150,000 of the value, reducing the tax bill to just $1,500.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
