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Most states offer some type of property tax relief for seniors – but that could mean exemptions, tax credits, withholdings or deferrals.
According to real estate experts, these states offer the best deals for old home owners. Plus, find out which states have the highest property tax burden.
alabama
Alabama Department of Revenue Exempts homeowners over the age of 65 (and who are blind or permanently disabled) from paying the state share of property taxes.
“County-level taxes sometimes still apply, although they are often reduced for senior citizens,” Oren Sofrin explained. eagle cash buyer.
alaska
Homeowners age 65 and older get a break on their first $150,000 in property tax assessments. For example, if your home is appraised at $250,000, you’ll pay property taxes on $100,000 instead of the full assessed value. see Alaska Department of Commerce For complete information.
colorado
Colorado exempts 50% of the first $200,000 of assessed value, with some caveats.
“Many people believe they need to move to save money, but they are wrong,” said Andrew Fortune, Realtor. Great Colorado Homes. “The exemption applies to senior citizens age 65 and older who own a home and have lived in the home for at least 10 years.”
Read details at Colorado Department of Local Affairs Website.
Florida
The standard Florida homestead exemption eliminates up to the first $50,000 in property taxes, and many counties offer additional exemptions for seniors, especially those with low incomes.
Some counties also offer long-term residency exemptions for homeowners who have lived in their property for at least 25 years. Add in the lack of state income tax and you can see why many people are moving to Florida.
check Florida Department of Revenue For more information.
South Carolina
South Carolina exempts the first $50,000 of assessed value from property taxes for homeowners over age 65. Military veterans and disabled homeowners may qualify for additional relief – see South Carolina Department of Revenue.
South Dakota
Senior residents in South Dakota may qualify for several types of property tax relief.
First, homeowners age 65 and older are eligible for a property tax freeze that will lock in their current tax assessment no matter how much the market value increases.
Low-income seniors can also apply for the property tax credit. And homeowners age 70 and older can in some cases defer property taxes until they sell the property.
However, lots of restrictions apply, including acres and length of ownership, so check out South Dakota Department of Revenue.
texas
The Lone Star State has also increased property tax relief.
“Texas stands out because it offers both large exemptions and tax limitations,” explains Colton Pace, CEO of Property Tax Negotiator. onewell. In addition to the standard $140,000 homestead exemption, homeowners age 65 and older receive an additional $60,000 exemption.
“If you live in a home worth less than $200,000, you will essentially have no property taxes,” Pace said.
Homeowners also qualify for the school tax freeze the year they turn 65 and can defer paying taxes until they sell the home. Read full details on texas comptroller Website.