Property Taxes 101
Property Tax Exemptions are a great way to save money on your tax bill. Property Tax Exemptions are determined at the state level so they can vary state to state. Furthermore, county assessors decide which exemptions to offer their property owners. In this article, we will specifically cover Property Tax Exemptions for those over the age of 65.
A majority of states offer tax exemptions for senior citizens. This is because most senior citizens are retired and living on a fixed income. Without this exception, many citizens could be priced out of their homes due to escalating property taxes. The year you turn 65, you are eligible to claim an Over 65 Exemption on your homestead.
Be sure to apply to your local appraisal district for this Property Tax Exemption when you turn 65.
Key Benefits and Features of the Over 65 Property Tax Exemption:
An exception to the Over 65 Property Tax Exemption occurs if property improvements are done to the home. This is for improvements beyond the scope of normal repairs and upkeep and would include additions adding square footage or other intrinsic value to the home and major repairs. Your Property taxes may be adjusted to account for the value of the improvements.
For more information on the Over 65 Property Tax Exemption, it’s best to call into your county’s appraisal district or county assessor.
Nov 16th 2020
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