Savings Day – Prep for Higher Property Taxes

Do you own your home?

Homeowners have to pay property taxes. It’s the largest source of state and local government tax revenue. They vary widely by location. New Jersey and Illinois carry the highest property tax rates in the nation. My property tax bill has been the same for eight straight years. However, I’m bracing myself for an increase this year. According to Zillow, home values rose over 13% in May of ‘21 compared to the previous year. If your home increased in value, expect to pay higher property taxes. Your bill is calculated by taking the home’s value multiplied by the local tax rate. Estimate yours and begin saving to avoid hardship when the bill comes due.

If you anticipate that your tax bill will increase by, say, $600, find areas in your budget to cut by that amount. You can make automatic deposits into a special saving account to prevent spending the dollars. If you can’t make cuts, then find ways to increase your income and deposit the money so you’re prepared to pay when it’s due. Failing to pay your taxes on time results in penalties and interest – though some may qualify for an exemption.  Jesus said to “… render to Caesar the things that are Caesar’s, and to God, the things that are God’s.” (Mark 12:17) The Apostle Paul instructed the people, in Romans 13, to pay taxes to whom taxes are owed because those in authority were instituted by God. So, pay your taxes out of obedience to the Lord and with thanksgiving for a home to live in.  

If you fear your tax bill because of credit card debt, I recommend Christian Credit Counselors. They’ll create a debt management plan that will work just for you. For more information call the Crown Helpline: 800-722-1976 or visit us online at crown.org/ccc.