Unlock Hidden Savings: The States Slashing Property Taxes for Seniors—Are You Eligible?

In most cases, your income must also be under a certain level to qualify. This makes it an especially helpful option for those on a tight budget. 

More than 30 states have chosen to offer an exemption, freeze or credit. Here’s a look at what’s available currently for senior citizens:

• Alabama: Exemptions from the state portion of property taxes.
• Alaska: Exempts the first $150,000 of assessed home value. 
• Arizona: Freezes the property value of a primary residence.
• Arkansas: Freezes the assessed value.
• California: Allows seniors to transfer their existing property tax base to a new home of equal or lesser value. 
• Colorado: Exempts 50 percent of the first $200,000 in value of the primary residence.
• Connecticut: A credit up to $1,250 for married couples and $1,000 for single seniors.
• Delaware: A tax credit for the portion of the property tax bill that supports school funding.
• District of Columbia: A 50 percent property tax reduction.
• Florida: An exemption of up to $50,000. 
• Georgia: A $4,000 exemption from county taxes. 
• Idaho: A property tax reduction ranging between $250 and $1,500 on the home and up to 1 acre of land.
• Indiana: A $14,000 reduction of the assessed value of a qualifying home. 
• Iowa: Exempts $6,500 of the taxable value. 
• Kansas: A credit for up to 75 percent of the taxes on a primary home.
• Kentucky: A $49,100 exemption of assessed value. 
• Louisiana: Freezes property tax assessments and exempts the first $75,000 of a home’s value from property taxes.
• Maine: A credit for a portion of the property tax or rent paid during the tax year. 
• Massachusetts: A maximum credit of $2,730 (for tax year 2024).
• Michigan: A credit of up to $1,200, based on the amount property taxes exceeding 3.5 percent of income.
• Mississippi: Exempts $7,500 of assessed home value. 
• Missouri: A credit of up to $750 for renters and $1,100 for seniors who live in their home.
• Montana: A credit up to $1,150. 
• Nebraska: Property tax reductions on primary residence.
• New Jersey: Reimburses 50 percent of property tax bills, with a cap of $6,500 (in 2024).
• New Mexico: A credit of up to $250 (or $125 for married couples filing separately).
• New York: Up to 50 percent exemption of a home’s assessed value.
• North Carolina: Exempts the greater of $25,000 or 50 percent of the home’s assessed value.
• North Dakota: Homestead property tax credits and renters’ credits.
• Ohio: A $26,200 exemption of assessed value.
• Oklahoma: The Senior Valuation Limitation freezes the fair cash value of a qualifying home
• Pennsylvania: Rebates ranging from $380 to $1,000.
• South Carolina: Exempts the first $50,000 in fair market value.
• South Dakota: A yearly refund of property taxes.
• Tennessee: Reimburses a portion or all of property taxes as a credit.
• Texas: Requires school districts to offer an additional $10,000 homestead exemption for seniors. Local jurisdictions may offer an additional exemption of at least $3,000.
• Utah: Offers a maximum property tax credit for renters of $1,259.
• Washington: Three tiers of exemptions based on combined disposable income.
• West Virginia: A property tax credit up to a maximum of $1,000.
• Wisconsin: Homestead and school property tax credits.

Each state has its own specific criteria, so it’s a good idea to do research about the programs where you live.

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