Unlock Hidden Savings: The States Slashing Property Taxes for Seniors—Are You Eligible?
In other cases, seniors may be able to get an exemption, which can reduce your home’s assessed value and drop your overall tax bill. Tax credits are also a common form of tax relief. These subtract a specific amount from the total tax amount you owe each year.
Who qualifies for property tax relief by state
In order to be eligible for a discount, you first must be of the minimum age as determined by your state or jurisdiction. But it’s not unusual for there to be other criteria, as well.
“Senior exemptions are typically available for property owners aged 65 and older,” shares Colton Pace, founder and CEO at the tax preparation service Ownwell. “While the specific qualifications for senior exemptions vary by state and sometimes by county, these exemptions generally require that the property is the senior’s primary residence.”
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