How to lower property tax?

Here are some strategies you can consider:

• Certain categories of properties may be eligible for exemptions or rebates. Check with your local municipality or tax authority for specific exemptions applicable in your area.

• In India, property tax is calculated based on the property's annual rental value or the actual rent received, whichever is higher. However, you can claim a standard deduction of 30% of the annual value to account for repairs and maintenance.

• Improving your property through renovations or additions can sometimes lead to a reassessment at a lower value, thereby reducing your property tax burden.

• Properties are classified based on various factors like size, location, and usage. Ensure that your property is correctly classified to avoid overpayment of taxes.

• Ensure that the information on your property records, such as its size, amenities, and ownership details, is accurate and up-to-date. Incorrect information could lead to overvaluation and higher tax assessments.