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At Carrington Mortgage Services, we recognize that property taxes can be a significant expense for homeowners. Fortunately, various property tax exemptions can help alleviate this financial burden if you qualify. Let’s explore what these exemptions are and how they can benefit you.

Disclaimer: The information provided in this article is for general informational purposes only and is not intended to be, nor should it be construed as, legal, tax, or financial advice. Property tax laws and exemptions vary by jurisdiction, and eligibility requirements may change. Homeowners should consult with a qualified tax professional, legal advisor, or their local tax authority for guidance specific to their situation. Carrington Mortgage Services, LLC makes no representations or warranties regarding the accuracy or completeness of the information provided and is not responsible for any decisions made based on this content.

As a homeowner, it’s important to understand what your monthly mortgage payment includes. Whether you’re a first-time homeowner or a seasoned pro, knowing the breakdown from principal to property taxes can set you up for future financial success. 

Property taxes play a significant role in your escrow account balance, and in turn, impact your monthly mortgage payments. Along with increases in home insurance rates, homeowners face property tax increases that can impact their escrow accounts and finances. As local tax rates and property assessments fluctuate, your property tax liability can increase over time. However, there are strategies you can employ to minimize these increases and preserve your financial stability. By taking advantage of available exemptions, budgeting and planning, homeowners can look to maximize their savings and create a more affordable homeownership experience.