PEAK 65 OWNING A HOME IS AN EXPENSE – THAT YOU CAN MANAGE
Michael Bowers - SRES, CRMP
Mutual of Omaha Mortgage | Housing Wealth Advisor | Retirement Income Specialist
PROPERTY TAX EXEMPTIONS
Exemptions are a standard method for lowering property taxes. Research specific requirements and application procedures in your state to ensure compliance and maximum benefits. You can contact your local revenue department.?
Here are some common property tax exemptions.
Homestead exemption:?The homestead exemption reduces the assessed value of a primary residence and results in lower property taxes. Many states offer a homestead exemption, but eligibility criteria vary.
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“Senior citizen” exemption:?Many states offer exemptions, usually for those?65 or older, to help alleviate the financial burden on retirees living on fixed incomes. These exemptions typically have age and income requirements.
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Disability exemption:?Individuals with disabilities may be eligible for exemptions. These can vary in scope and eligibility criteria but often provide relief based on the degree of disability and income.
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Veterans exemption:?U.S. military Veterans?may be eligible for exemptions that reduce or exempt bills. In some cases, spouses and dependents of deceased Veterans may also qualify for these benefits.
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Property tax relief programs
Property tax relief programs may offer qualifying individuals property tax credits, deferrals, or rebates to manage their property tax obligations. Nonprofit organization?AARP?estimates that more than 9 million people in the U.S. are eligible for some form of property tax relief.
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But beware of property tax relief scams and unsolicited offers. Scammers may ask for personal information and use high-pressure tactics, promising to reduce or eliminate your property taxes for a fee.
AARP?offers a free resource,?Property Tax-Aide, to help older adult homeowners find legitimate relief programs.?
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LOWERING YOUR PROPERTY TAXES:
The Bottom line
As a homeowner, you should proactively manage property tax obligations as rates continue to rise. Explore available exemptions and programs (and don’t forget about?tax deductions and credits for homeowners), but consider property taxes as part of your overall financial and retirement wellness picture.?
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Consult a qualified?tax planner, appraiser, or financial advisor for guidance if needed.
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From the Desk of Mike Bowers
Housing Wealth Advisor
Retirement Funding Solutions