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Top Homeowner Tax Tips To Ease Your Tax Burden

Homeowner Tax Tips From Northern Virginia Real Estate Agents - The Girls of Real Estate

Download a PDF copy of this Post, Top Homeowner Tax Tips to Ease Your Tax Burden, Now! Click Here!

How tax credits beat deductions...

HouseLogic notes that deductions only lower taxable income; while tax credits reduce overall tax liability. So, if you get a $500 credit, you pay $500 less in taxes. Nice!

Home Improvement Credits

Not all home improvements are created equal from a return on investment perspective. But, energy efficient updates are sure to pay you back, with either a tax credit, energy bill reduction or BOTH! 
 
If you installed insulation, energy-efficient exterior windows, storm doors, or certain roofs last year, you may be able to take advantage of the Nonbusiness Energy Property Credit  of up to $500 (lifetime max). 

  • The $500 tax credit applies to 10% of cost. To get the max credit, you must spend $5,000.
  • Usually not applicable to installation.
  • Once the $5,000 threshold is reached and applied, you can never use the credit again.
  • $200 tax credit maximum for  windows. 

 

7 Must see tax tips

Click Here

Claim your tax credit with IRS Form 5695.

Click here! 

Sell your home last year after making improvements? There are some tax consequences you should know about.  CLICK HERE!

Every Homeowner Should Protest Property Assessment

Now, this is a big one.  Across Northern Virginia, real estate assessments play a major role in determining property taxes. Each county has an assessment appeals process, giving you a chance to lower your tax bill. It's not something a lot of home owners do, but even if the assessor's value is close to being accurate, you should protest your property tax.  Real Estate firm, Paperless Agent, reports typical savings from an assessment protest is over 15%. The annual savings may not be huge, but over time, you could end up shaving several hundred to several thousand dollars off your tax bill. 

Steps to Take for a Protest
1. Check your county's appeals process... each county has specific dates, forms and procedures for filing appeals. Arlington, Fairfax & Prince William Counties encourage you to start your appeal with a call to the real estate appraiser in charge of your area (see links and numbers below). 

2. Contact
The Girls of Real Estate...  We can find 3 to 5 properties similar to yours (comps) so you can attempt to prove that your property’s market value is either inaccurate or unfair, which is typically the only way you can win an appeal.

Typical savings from a successful  assessment protest is over 15%! 

Let's Chat Today!

Click to contact
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Chelle Gassan, 
571-330-6164

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Candace Moe, 
540-270-0274 

Where to Make Your Property Assessment Appeal in Northern Virginia

Arlington County Department of Real Estate Assessments , CALL 703-228-3920 | Website
Falls Church City Real Estate Assessment, CALL 703-248-5107 | Website
Fairfax County Department of Tax Administration, CALL 703-222-8234 | Website
Fauquier County, CALL 540-422-8140 | Website
Loudoun County Office of the Commissioner of the Revenue , CALL 703-228-3920 | Website
Manassas City Commissioner of the Revenue, NO NUMBER | Website
Prince William County Real Estate Assessments Office, CALL 703-792-6780 | Website

 

Mortgage Interest & Refinancing

If your home loan is used for non-home related purposes, like college costs, you can still deduct the interest on loans up $100,000 ($50,000 for married filing separately) because your home secures the loan. Click to read more!

Until your mortgage is paid off completely, you’ll be glad to know you can deduct taxes on the following: 

  • Mortgage interest up to $1 million — or $500,000 if married filing separately — is deductible when you use the loan to buy, build, or improve your home
  • Mortgage loans to buy or build a second home; or second mortgages 
  • Rental properties 
  • Refinancing and home equity lines of credit (HELOC) up to $100,000 of debt. 

Mortgage Tax Deduction Calculator

Mortgage interest paid is tax deductible if itemized on your tax return, and so are the points paid to lower the interest rate. See the calculator to determine your income tax savings.

Calculate Now!

Posted in: Northern Virginia Market

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Testimonials

Candace is The Best. She went above the call of duty regarding selling my house and especially when purchasing my new home, i.e. negotiating with a difficult seller. Candace is one of the most professional realtors in the area and always has a smile on her face. It was a pleasure dealing with her and with The Girls of Real Estate.
Sheryl W.
Candace is incredibly personable. She is extremely busy because she is that good, but when you are with her you feel like you are the most important client she has. She is proactive with your account and IF she doesn’t answer when you call, she is very timely in getting back to you. I have used Candace on several buys/sells and refered her to many close friends…all of whom had the same experience as I. I would recommend her to anyone. She is amazing.
DJ & Leighera Leffin
Chelle was a true professional. We were only here for a few days and we looked at 40-50 houses in four days! When we did finally put in an offer, we had a problem with the seller not liking the fact that we were using a VA loan. She provided him with all the data and statistics that he needed to become comfortable with the loan. Also, her local knowledge can’t be beat. She grew up in the area, so she knows the area. I would recommend her to anyone.
Nel L.
I have worked with Chelle on numerous occasions, once personally for my own home, followed by helping my Company acquire another property for our Elite Executives. She gave me complete confidence in the whole process, and helped guide me through my biggest investment. I love my home and look forward to working with her in the future.
Becky M.
Chelle helped my husband and I find a rental property when we were first transferred to DC…we liked her so much, we reached out to her 2 years later to help us find a home in the area to purchase. Chelle is knowledgable about the area, professional, 100% responsive, and absolutely reliable. Not only did she help us view homes in the area, she was there for us through every step of the way through the offer, contract, closing – and we still keep in touch through our renovation process! I would hi… Read more
Stacy T.
Candace was great to work with during the sale of our condo. She always kept us informed and was very pleasant to work with. Candace and her team have innovative ideas and are hard workers. We would feel comfortable using their services again.
Stu & Jane Y.
I have known Candace since 2010 when I placed my home in Haymarket Virginia on the market. She has remained in touch since that time. She has always been very efficient and effective. I contacted her again recently when I needed her help in re-leasing the home in Haymarket.
Bob F.
We have used Candace and her team for the purchase of a townhouse, the sale of the same townhouse a few years later, and the purchase of a single family home. Each time, she was professional, courteous and she gave us excellent service. She knows the local area well as well as the market. I would highly recommend using her.
Sarika & Vince V.
Candace came in with some very valid and good suggestions to help us with selling our home. She priced it accurately and took our feedback into account while doing so. She put together beautiful marketing materials including stunning photos of our home that made it appear to be from a magazine cover. She was persistent in her discussions and follow ups with potential buyers agents. She sold our house in the dead of winter in under 30 days thanks to Candace.
Chris & Jen S.
Candace is very well experienced and has great real estate knowledge. Candace has rented, sold, and and found homes for me since 2009. She would be the only one I would ever call.
Susan S.

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Chelle: (571) 330-6164
Office: (703) 390-9460
info@thegirlsofrealestate.com

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