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Getting Laid Off? How To Handle Your Property Taxes

By Admin
Thursday, June 9, 2022

Getting Laid Off? How To Handle Your Property Taxes

 

Are you one of the tens of thousands of people being laid off right now? What should you do about your property taxes? 

 

We could be seeing the tip of the iceberg of an enormous amount of layoffs. With giant tech companies like Meta, Tesla, Uber, PayPal, Netflix, Coinbase, and others announcing hiring freezes, that is likely to trickle down throughout the economy. 

 

While official figures say that unemployment is low, that same data shows 38% of the population already isn’t working. Most recent jobs that have been created have been in the restaurant and bar space. Highly volatile, lower income jobs, which are most at risk to fluctuations and crises. 

 

Those that are being laid off will find it much harder to find a job, and probably for less money, and more work. All while inflation and living costs keep on rising. 

 

So, whether you’ve already received the pink slip, or you know it is quite possible to be coming at some point this year, what can you do to stay afloat, including staying on top of those important property taxes?

 

Check Your Insurances 

 

If you are a business owner you may have some kind of lost income coverage. Other individuals may have coverages to make payments on credit card and loan debts. Utilize these coverages to make ends meet. 

 

Prioritize Your Home Mortgage & Property Taxes

 

No one wants to default on their credit cards or car loans, or see their credit score tank. Yet, that is a whole lot better than losing your home and the roof over your head as well. If that happens, you probably won’t have the credit to even move into a rental. 

 

Make staying on top of your home mortgage and property taxes a priority. Even if you can’t pay anything else. 

 

Sell Your Home And Right Size Now 

 

Consider selling your home and locking in affordability. That may be using your equity to buy something much smaller, or in a new location, and more affordable.

 

Though don't count on being able to sell your home in this new market. Every day probably reduces what you can get for your current property, and how much you’ll pay for a new place thanks to rising interest rates, and fading buyer interest. 

 

Challenge Your Property Tax Bill 

 

The last thing you need is to be overpaying for anything right now. Find out what exemptions, and tax breaks you may be eligible for. Have Property Tax Adjusters, Ltd. help you appeal your  assessment value and property tax bill and get it lowered. It could save you thousands. 

 

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