Seniors and Property Taxes: Lowering Your Taxes
Property Taxes make up a big chunk of Ownership Cost. Property taxes are complicated and make up a big chunk of homeownership costs. What’s worse is that the amount you owe annually can change as tax districts look for additional funding. (Source: Realtor.com) Property taxes are charged by tax districts (state and municipalities) as an important revenue source. Property taxes are assessed for your home, a second home, vehicle(s), recreation vehicle (RV's), boat, etc. Some states and municipalities offer property tax "freezes" (property tax rates are frozen), "rebates" , and "exemptions" for Seniors. Requirements vary. Requirements will include age (usually age 65), property must be your "primary residence" and proof of year(s) of ownership, one vehicle per retiree (household with 2 retirees may include 2 vehicles), and may include household income. How Do I Found Out Whether my State or Municipality Offers Senior Property Tax Discou...