Archive for July, 2009
Property Taxes and Veterans
July 22nd, 2009 | 
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Every homeowner has a responsibility to pay property taxes. They are based upon the assessed value of your home, not its appraised value. Assessed and appraised values are two different things. The appraised value of your home represents the price you might get if you put your home up for sale in today’s market. The assessed value of your home represents its value as applicable to taxation.
Most states use mils to measure the property tax. A mil is equal to $1 for every $1000 when comparing a home’s assessed value to its appraised value. Therefore, if you own a house worth $100,000 and your property is taxed at 3.5 mils, you owe $3.50 for every $1000 of value in your home. By this equation, your property tax would be $350. Some mortgage lenders escrow for these taxes on a per month basis. If you are not escrowing yours through a lender, your local government will bill you quarterly for your assessed property tax.
There is a property tax relief available to veterans in most areas. Not all municipalities participate in this relief. You would have to contact your local municipality to determine if such relief is available for veterans where you reside.
Property tax relief can be obtained in many ways, such as exemptions, frozen assessment rates, abatement, refunds, or direct rebates on property tax. New York has several different types of property tax relief available for veterans. A veteran in South Carolina will get an exemption against the first $50,000 of their home’s assessment value. A disabled vet in Maryland receives total exemption from paying any property taxes.
So, if you are a veteran seeking relief on property taxes you should contact your state, your municipality and your local veteran’s group to find out if you might qualify for property tax relief on your home.
The burden for property taxes has become unbearable for many homeowners. If you are a veteran, your sources of income are limited and you looking out for some concessions in these taxes. Most other states offer relief on property taxes to veterans. Want to know what are they? Here are the sources explained by Chintamani Abhyankar.
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How to Handle Student Loan Debt
- Preparation
If you are considering acquiring a higher education is important to determine your needs and goals. Sallie Mae has collected the following information to help in this process.
- Selection of an educational institution
Learn to identify what you are looking at a university, and choose the institutions that meet your educational and career goals.
- Admission
Submit applications to universities can be a stressful experience if you’re not prepared. Once you understand the process, it is easier to plan your time and organize your tasks to send the application documents filled with the best possible way.
- Application for financial assistance
Are you planning and preparing for the financial responsibilities associated with attending college? The Sallie Mae Fund “Paying for College Seminars, workshops on how to pay for college, which were conducted nationwide to educate high school students and their parents about the responsibilities related to loans. Visit The Sallie Mae Fund to know when there will be a seminar in your community.
- How to get free money
There are different sources of free money for college that are available in the form of scholarships, grants or military aid. Scholarships are an attractive way to pay for college because they do not have to be refunded. The key to finding free money is to start early and look thoroughly. With some basic information, you’re ready to begin your search for free money.
- Attendance
Before applying your loan for education, consider our advice to reduce the cost of borrowing for college and to minimize the amount of educational debt that you incur. If part of your financial aid package is a student loan, you can download a loan application. If you have already applied for a loan, you can check the status of your application in Section checks the status of your loan application. Do not leave college with excessive student loan debt.