4. Challenge Property Taxes
If the prices in your area had dropped, therefore the value of your home, challenging your property tax may offer some financial relief, says Cara Pierce, a certified housing counselor at Clearpoint Credit Counseling Solutions, a national nonprofit organization.
“You’ll need to contact the county tax assessor’s office in the county in which the house is located to see what type of information they will need as proof that the housing values have dropped,” says Pierce.
However, she says that this is not a long-term strategy. As a matter of fact, Pierce warns that as property values increase, property taxes will most definitely rise. Also, take into consideration that it may cost several hundred dollars to have your home appraised.
