Unlock Hidden Savings: The States Slashing Property Taxes for Seniors—Are You Eligible?
Even if you’ve paid off your mortgage or have low monthly payments, property taxes can certainly put a dent in your finances–especially if you’re a senior relying on a fixed income like Social Security benefits. The good news: States around the U.S. are increasingly offering tax relief for older Americans to ensure their primary property stays affordable for them. Keep reading to learn more about property tax discounts for seniors, how they work and what your next steps should be for applying.
What are property tax discounts for seniors?
This form of tax relief can take the form of exemptions, deductions, credits, tax freezes and even deferral programs. The goal for all is the same: Give senior citizens a break on paying taxes on their home. By decreasing the amount they have to pay in taxes, it puts more money back in their pocket—especially if their mortgage is paid off.
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