3 Ways to Save Money On Your Investments

We all need savings everywhere we can find it in these tough economic times.  Given the fact that property values are still declining in many markets, you have a high chance of getting your taxes lowered. Many tax assessor’s offices have lowered tax values the last two years anyway. But if for some reason you are not one of those lucky tax payers, then it’s worth a shot to request a re-evaluation.  You can get the information and any instructions online at your property tax assessor’s website. You have nothing to lose, and if you are successful, you will save some money.

Check your tax record to make sure the information is accurate. There are so many errors that I find on the public tax records from sq. footage to zip codes and neighborhoods which can make a big difference in the assessment value of your property. Wait until the tax assessor does their assessment before you make any improvements to the property. See if there are any state or county programs available that allow you reduce your taxes based upon change in income. It takes some time for the assessor’s office to make the changes though so you need to be patient.

Other Ways to Save

States like Florida provide for homeowner exemptions if the property is your primary residence which exemption is then deducted the assessed value of the property. Don’t forget about exemptions for disabilities or VA exemptions. If your property was damaged or destroyed by a natural disaster such as a fire, flood, hurricane, earthquake, etc. you may be able to get an exemption for disaster relief.  Also, if your property was acquired by a government agency through an eminent domain proceeding, you may be eligible to retain that property’s existing assessed value and you can transfer it to your replacement property. Disabled homeowners owners or seniors aged 55+ who purchase or build a residence of equal or lesser value than their original home may transfer their old home’s assessed value to their new home.

Energy and Green Exemptions

There are federal and state tax incentives that you can get for green and energy projects on your properties for both commercial and residential properties. It is predicted that the green building market will increase from $36-49 billion to $96-140 by the year 2013. Energy efficient green homes are going to be more and more in demand by buyers so you should be thinking about investing in these types of improvements to make your properties more efficient and take advantage of the tax credits and incentives that are being offered by the government. A tax deduction of up to $1.80 per square foot is available to building owners of new or existing commercial that install interior lighting,  building envelope  heating, cooling, ventilation, or hot water that are energy efficient and reduce costs of the building by 50% or more.

Check your local state and county laws to see if there are any tax programs you can take advantage of in your area that will save you money. The more you put in back in your pocket, the more you have to invest in other properties while there are so many great opportunities available.