Seniors Eligible for Property Tax Freeze
REM #A664
By Ilyce R. Glink
Summary: A reader adds to the discussion of a senior's home being taken for a public works project. The senior is now worried about an increase in property tax for her new home. Ilyce reminds people that there are ways for seniors to pay less in property taxes all over the country.
Q: I was catching up on some older columns on your website. In one column,
you feature a letter from a senior who has lived in her home for 50 years and
is now having the home taken by state for a public works project.
She is worried about paying taxes in her new home.
In the state of California, if your property was a beneficiary of Proposition 13, when you sell that property and purchase new property you can take your property taxes with you providing that the new property you purchase costs less than the selling price of the old property and that you are buying in the same county or a reciprocating county.
The new home has to cost less that the selling price of the old home though if it costs one dollar more then you will pay the full 1% tax less any homeowners’ credits that may be available to you.
Thank you for your time.
A: Thanks for adding to the discussion.
There are ways for seniors to pay less in property taxes all over the country.
Typically they must meet certain income guidelines, and then property taxes
are frozen.
If you’re over the age of 65, talk to your local real estate department,
commission or office to find out what you can do to save on your property taxes.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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