Senior Property Taxes: How to Avoid Them

There are a number of older adults who still live in their homes and need to pay certain expenses such as property taxes. After a while and in some cases, property taxes can become quite a burden for seniors and older homeowners. Since property taxes can be up to 1% of the total property value, this can add up as the years go by. With increased property taxes, seniors can face some financial difficulties. However, there are ways in which seniors and older homeowners can better cope with increasing property taxes. With these options, they are able to find ways to lower their property taxes and get relief as well.

These Programs Assist Seniors With Tax Relief on Their Homes

When looking for help with paying taxes on house, many seniors can look into certain tax relief programs for properties. One of the tax relief programs includes the Senior Property Valuation Protection Program.

  • This particular tax relief program allows homeowners to get the value of their home assessed by county officials. With this program, the value of the home will be frozen and protect seniors from an increase in their property tax bills. It is done even when home values rise quickly in a given area. In order to take advantage of this program and keep it, seniors must reapply for it every three years.
Another program that is available to help seniors with tax relief on their homes is an Elderly Assistance Fund.

  • This is provided by counties in some states and gives seniors subsidies to help pay their property taxes. It is part of the Senior Property Valuation Protection Program which can cut the entire property tax bill in half. On average, a senior homeowner will receive $200 per year from the program. Anyone who gets accepted into the Senior Property Valuation Protection Program automatically gets registered for this Elderly Assistance Fund for their home.

Requirements Seniors Must Make to Qualify

In order to get property tax relief, there are some eligibility requirements that seniors will need to meet. One of the most common requirements is being at least age 65 or older. Another requirement that seniors will need to meet is meeting income standards. In most states, seniors will need to make an income that is around $30,000 or less per year in order to qualify for these tax relief programs. Along with income and age requirements, seniors will also need to be the owner of the property. Seniors that are veterans are also eligible for property tax relief programs. Disabled seniors are able to get an exemption as well.

Each year seniors will need to file and complete a tax return. When filing a tax return, they can use property taxes as a deduction in order to help lower their overall tax liability. Seniors who are looking to get their tax returns can get them done for free. One of the best ways to get a tax return completed for free is by having a friend or family member complete the return. It is important to make sure that a friend or family member if either a Certified Public Accountant, Enrolled Agent or registered tax preparer. Another way to complete tax returns for seniors for free is to visit the local state tax department offices or IRS office and have it done by a representative there. Getting a tax return completed for free will help seniors ensure that they file their returns, pay necessary taxes and avoid potential liens.