Are there ways to reduce Property Taxes?

As many of our home loan consultants would suggest, when the prices are cheap, rates are low – That’s when you act. Retain it for a period of time to wait for price appreciation, then take them off your load. Smart, isn’t it? But this is WAY smarter.

Looking to reduce your tax bills on property every year? Some of us dread over the bill until there’s no end, some kill to actually find ways on how to reduce property tax. Here are some guidelines for you to follow and if you feel you might just need the hang of these, remember, if you play smart, be wise, keep on reading to MHL, subscribe to us, you’ll benefit more in the long run.

1. Reduce your Property Taxes 1

If you run a home business, you can get tax deduction on your mortgage. In claiming the expenses as deductions, it helps to show some business income. If you show a profit, the officials will be less suspicious of your works around.

2. Reduce your Property Taxes 2

With interest rates relatively low, many of us are refinancing – or thinking about it. First, the bad news: You cannot deduct up-front (all in the first year) the points you pay to the lender when you refinance. Now, the good news: You can deduct the points over the lifetime of the loan period in equal amounts every year. Plus, you can now deduct points the seller paid, too!

3. Reduce your Property Taxes 3

Some home improvements may qualify as medical expense deductions. Two of the most popular: for example, a ground-floor bathroom for a person who has difficulties climbing stairs because of a heart condition; or an air conditioner installed for a person allergic to dust.

4. Reduce your Property Taxes 4

You may “reduce” (for tax purposes) the sale price of your home by subtracting certain “selling expenses” from the sales price. Among them: attorney fees, real estate broker’s commission, notary fees, title search, mortgage satisfaction fees and transfer or stamp taxes.

5. Reduce your Property Taxes 5

Consider converting your rental vacation home into a personal second residence by using it yourself for more than the greater of 14 days or 10% of the number of days that it is rented out. This allows you to realize full benefit from mortgage interest and property tax deductions. This can be worth a lot more to you than the deductions you can take on “rental property.”

6. Reduce your Property Taxes 6

When you move, you can deduct the moving expense even if you don’t have a job when you arrive IF: the location of the job you eventually land is at least 50 miles farther from your old home than your old job, and you work at the new job for at least 39 weeks of the first 12 months after the move.

The mortgage and financial consulting services are offered to you FREE of charge without any obligations. Kindly contact us or email to consultant@malaysialoan.com.my if you need any enquiry. Thank You.

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