Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Strictly speaking this isn't just a retirement topic, but for us (wife and I) it's specifically a consideration for retirement relocation. I'm interested in hearing comments about anything your state does to limit the rate of escalation in property taxes. California's "Prop 13" is one example.
Here's an article I found that describes, in general, the various schemes for limiting the increases in property tax over time. It's useful, but provides little detail on on the scheme(s) employed by any particular state.
Boston has a large property tax exemption for primary home (up to >$3,600 in tax payments per year). I'm not sure if there is additional exemption for people aged 65+ (good reminder; I have to investigate that since am turning 65 next year! :-). I don't know if there is a limit on property taxation, but my property taxes on a small home condo haven't really gone up in the past ten years, maybe because the large homeowner exemption absorbs any tax increase.
My mom had her house under a senior tax rate in Chicago. When she died-we were shocked at how much the new homeowners had to pay.
Where we live in WI you can volunteer at the school-reader helper, field trips etc-and get a cut in your property taxes. My kids and now my grandkids always talk about these classroom helpers.
Is this in addition to the regular Homestead exemption you can get?
To my knowledge, there is only one Homestead Exemption. The exemption is $50,000 on certain items but only $25,000 on other items.
"When someone owns property and makes it his or her permanent residence or the permanent residence of his or
her dependent, the property owner may be eligible to receive a homestead exemption up to $50,000. The first
$25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000
applies to the assessed value between $50,000 and $75,000 and only to non-school taxes. (see section 196.031,
Florida Statutes)"
Examples
Assessed Value $45,000
The first $25,000 of value is exempt from all property
tax and the remaining $20,000 of value is taxable.
Assessed Value $65,000
The first $25,000 of value is exempt from all property
tax, the next $25,000 of value is taxable, and the
remaining $15,000 of value is exempt from nonschool taxes.
Assessed Value $85,000
The first $25,000 of value is exempt from all property
tax, the next $25,000 of value is taxable, the third
$25,000 of value is exempt from non-school taxes,
and the remaining $10,000 of value is taxable.
To my knowledge, there is only one Homestead Exemption. The exemption is $50,000 on certain items but only $25,000 on other items.
"When someone owns property and makes it his or her permanent residence or the permanent residence of his or
her dependent, the property owner may be eligible to receive a homestead exemption up to $50,000. The first
$25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000
applies to the assessed value between $50,000 and $75,000 and only to non-school taxes. (see section 196.031,
Florida Statutes)"
Examples
Assessed Value $45,000
The first $25,000 of value is exempt from all property
tax and the remaining $20,000 of value is taxable.
Assessed Value $65,000
The first $25,000 of value is exempt from all property
tax, the next $25,000 of value is taxable, and the
remaining $15,000 of value is exempt from nonschool taxes.
Assessed Value $85,000
The first $25,000 of value is exempt from all property
tax, the next $25,000 of value is taxable, the third
$25,000 of value is exempt from non-school taxes,
and the remaining $10,000 of value is taxable.
Thank you! We have the homestead exemption but wondered if there was an additional one. I need to find out if they have a break for those 65yr. old as well.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,703 posts, read 81,547,262 times
Reputation: 57985
There is nothing done to stop or reduce escalation. The best we can get is a exemptions or deferral. The deferral is much like a reverse mortgage where anyone with an annual household income of $57,000 or less for the previous year you pay the first half in April, and the state pays the remainder in October. The deferred amount plus interest is then a lien on your property until the total amount is repaid, usually when sold.
The Senior deferral if over 60 and your household income for the previous year was $88,998 or less is totally paid by the state, but again, the deferred amount plus interest is then a lien on your property until the total amount is repaid.
The most lucrative is the senior exemption, when age 62 or more, or Disabled or a veteran with a service-connected evaluation of at least 80% total disability rating, some residency requirements, and income under $84k for the previous year. That one does not have to be repaid, but is hard to get with limited funding available. In our case the property tax is up to $11k, but our retirement income will be about $10k too much so we will sell and move to a less expensive area.
Ohio passed House Bill 920 in 1976, which effectively kept property taxes from rising with inflation. The result, however, is that property tax increases are constantly on the ballet so that property tax revenue can keep up with inflation: https://tax.ohio.gov/help-center/faq...y-tax--general
Keep in mind that while there are low tax and high tax states, states that have low or no taxes in one category, such as income tax or sales tax, are making it up in the other categories.
My property taxes have stayed pretty much the same, even though or home has gone up significantly in value and was recently reassessed. Yay! My HO insurance however went up about 40% this year. It wasn't that high to begin with, but 40% is a lot. Time to check out those coverages I think.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
