Mortgage Too High? Find Relief With Tax Tips

If you're spending a lot of money on your mortgage, tax relief may help ease some of the burden of those costs. While it is difficult to reduce the actual amount of your mortgage payment, it may be possible to reduce the amount of taxes you pay on your home. Here are some tips to help you get started:

Tip Number One - Homestead Exemption, Get One
Most states allow for a homestead exemption of your primary residence; homestead exemptions are usually mandated by state constitutions, and are designed to protect homeowners from excessive property taxes.

In some states, a homestead exemption is automatic; however, in other states it is not. Therefore, you should apply for homestead exemption, if you haven't already done so. A homestead exemption can save you hundreds, if not thousands, of dollars every year on your property taxes. Of course, saving that kind of money on your property tax will help ease the burden of a higher monthly mortgage payment.

Tip Number Two - Ask Your County Assessor to Re-evaluate Your Home

Your home's property tax value is determined by the County Tax Assessor's Office. Many times, county tax assessor assesses the value of your home and property -- without ever looking at it. Sometimes, the assessor’s value may be higher than the actual value of your home.

If you find yourself in this situation, you should contact your county tax assessor's office and ask for a re-assessment of your property. Many local governments offer online applications or specific venues. The appeal process is generally quick and easy.