Property taxes can be a significant strain on homeowners. Therefore, it is especially important to ensure that you are only paying the minimum required amount for your property taxes and not more than you actually need to pay. There are two major avenues for potentially reducing your property taxes.  

Challenge the value on which you are being taxed 

Property taxes are determined based on the assumed value of your home. If, therefore, you believe that your home is, or was, valued for more than it is actually worth, you can appeal the value and potentially get a reduction in property tax cost based on a lower determined home value. Some potential mistakes that could have led to your property being valued at a higher price than it is worth are: using incorrect or inexact square footage for your home, or not basing the value on current market conditions, or elevating the value of your home higher than surrounding homes. If you suspect that any of these mistakes apply to your property, consider getting a home valuation and challenging your current property tax value.  

Qualify for exemptions 

There are also a number of property tax exemptions to consider and research when attempting to reduce the cost of property taxes on your home. The most significant potential exemption is the homestead exemption, which could save you up to 15% on property taxes if you own your home in Florida and it is your primary residence. You might also qualify for a property tax exemption if you are a deployed member of the military, a widow or widower, or if you are over the age of 65. Disabled homeowners might also be able to exempt some of their property tax cost. Be sure to research and talk to a financial advisor to determine whether or not you might qualify for such tax reductions.