Unlock Hidden Savings: The States Slashing Property Taxes for Seniors—Are You Eligible?
“If you plan to pass your home down to your children, they can only keep your lower property tax base if they make the inherited home their primary residence within one year of the transfer,” cautions Myers. “This can be a crucial financial decision for families planning to keep real estate in the family long-term. If they plan to rent it out or use it as a second home, the property will likely be reassessed at full market value—leading to a much higher tax bill.”
How to apply for a senior property tax discount
When you’re ready to file for a property tax discount, it’s often a good idea to talk with a real estate professional and/or tax adviser to walk you through the process. “It’s not complicated, but there are deadlines and documentation requirements that must be met, so it helps to have a trusted advisor in your corner,” says Myers.
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