Unlock Hidden Savings: The States Slashing Property Taxes for Seniors—Are You Eligible?
Every program (which differs on a state-by-state basis) can offer its own unique benefits. For example, Proposition 60 and 90 in California could be categorized as a property tax freeze. It allows seniors (55 years of age or older) who are downsizing, relocating or moving closer to family to transfer their existing property tax base to a new home of equal or lesser value.
“This means that instead of being taxed at today’s higher home values, your new property taxes may be calculated based on the value of your original home,” says real estate expert Heather Myers, co-owner of the Snyder Real Estate Group. “That can result in thousands of dollars in savings each year, which is especially helpful for those living on a fixed income.”
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