On the flipside, it also takes money to maintain properties you may own. You have to pay utilities in order to make your home habitable and pay local taxes on your land value. This is how you can learn how to sell my land fast, decrease your real estate tax bill and keep living in your beloved home.
Parcel Off Your Land
When a large piece of land is sectioned off, it can be rezoned and sectioned off into parcels. A lot of farmers do this when they want to scale back production and no longer need hundreds of acres of land to grow food or raise animals. Parceled land is attractive to developers, as it saves them the hassle of having purchased land surveyed and zoned for residential homes. Alternatively, parceled land can also be sold to individual buyers. This can help you to achieve steady sales while consistently receiving a positive cash flow.
Have Your Land Rezoned
The majority of homes that are being built today are on property that is zoned only for residential living. What this means is that there are limitations as to what your property can be used for. You may be able to start a home-based business. but you definitely can’t run a restaurant out of it. Having your property rezoned could enable you to get a tax break, especially if it is zoned for agricultural purposes.
For example, homeowners who live in New Jersey and own at least 10 acres of land regularly have small farms, horse stables, or other agricultural-based business ventures in order to take advantage of the savings they get on their property tax bills. Find out if rezoning the land surrounding your home can lower your financial obligation.
Expand Your Home’s Floor Plans
You may not need to sell any land or have it rezoned in order to receive a lower tax bill. Home improvements made by property owners are often tax deductible. Consider turning your half bathrooms into full sized restrooms or renovating your house so that it has an open floor plan. Adding an additional wing to your home or even expanding the garage will increase your property value, but the total amount that you spend on renovations will help to offset what you pay in yearly property taxes.
Enhance Your Home’s Landscaping
A house that looks spectacular from afar is almost always bound to be equally magnificent when you open its doors. Simply put, improving the way that your lawn looks will give your home added value in more ways than one. Plant some young trees that will grow up strong and provide your house with shade to reduce energy costs. This will help to entice future buyers.
Repave your driveway so that more cars can be parked in front of your home. Adding a flower bed around the perimeter of your home will make it look more inviting and help to make it more attractive. Most importantly, these types of property improvements might also lead to a lower tax obligation.
Spend More on Home Repairs
Swapping out those old windows for windows that are energy efficient will absolutely lower your taxes at the end of the year. Any improvements that are made to your home to help it become less of an energy drain is good for the earth and great when it comes time to pay taxes.
The same goes when you have a new roof installed, as structural improvements made to your house help to increase its resale value. There are a number of different types of repairs and improvements that can be made to your property that will give your real estate more value overall.
If real estate taxes make it difficult for you to truly enjoy being a homeowner, something has to be done. You may think that selling your property and going back to renting is a good idea until you realize that paying someone else for a home to live in is not ideal in the long run. Whether you want to sell a portion of your land, lease it to another party, or make improvements to make your residence more energy efficient, there are multiple things that can be done that will help to lower your real estate taxes.