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So, you pay the full tax, then a rebate? When do you get the rebate? What is the rationale behind the rebate versus just lowering the property tax for age 65+?
No idea. I only ever heard of it through an older friend. It seems as if it would make more sense, right? I think it's like banks floating your money when you make a transfer or use bill pay. They keep your money and use it until it's time to send it back.
Not sure when you get it, but I think it's later in the year.
Now seniors are supposedly going to get a bigger property tax break through a program designed to keep us from fleeing the state. Under this new program, seniors' property tax would be halved up to a max of $6500 (so taxes over $13k would still only get $6500 lopped off). This is supposed to happen in 2026, but nobody's believing it until we see it.
My dad was a 100% service-disabled veteran, so he was exempt from property taxes on his primary home. My mother enjoyed the benefit for 20 years as his widow.
The day after she died in 2020, we, her heirs, became responsible for the taxes, which it turned out were $17K.
It was COVID time, courts were closed, the tax assessor in town wasn't working, and the tax rolls were not updated that October. The property tax was again listed as Exempt.
Bought us time. We got the house ready for the market and sold it in June the following year. Money from the sale was held in escrow to pay the taxes.
My mother could never have stayed in her house if she'd had to pay that tax.
Kind of a weird feeling. Bought this house 26 years ago, and finally it's paid for. I retired nearly 2 years ago and now I feel like I am REALLY retired LOL. My parents would be happy if they were still here - they custom built their final home a few years after they retired, and paid for it in cash. I don't plan to go anywhere, but still, it's a good feeling.
Congratulations! That’s impressive to stay in the same place so long as well.
We got our paid for in '08, I think it was. I retired in 2010.
There was a good tax break for us when we turned 65.
Bottom line is, we pay right at 1,000/year. I know people who live in rural areas of Mississippi who pay $100/year on multiple acres.
Ours is also $1000-1200 a year. This year we get the over 65 tax break so it will go down.
Our state has the Senior Freeze, which means you file a form the first full year after you turn 65 (e.g., I turned 65 ast August, so in 2025 I can file the form) and that freezes your taxes. So in subsequent years, I will pay the taxes but get back as a rebate anything over what my 2024 taxes are.
Kind of a weird feeling. Bought this house 26 years ago, and finally it's paid for. I retired nearly 2 years ago and now I feel like I am REALLY retired LOL. My parents would be happy if they were still here - they custom built their final home a few years after they retired, and paid for it in cash. I don't plan to go anywhere, but still, it's a good feeling.
Congratulations I hope you have many more years in your mortgage free home. You worked for it, you earned it.
hindsight is 20=20, no? wouldnt we all be better off if we had stripped the equity from our homes when rates were 3.x percent -- and invested the proceeds? finance guy that i listen to was pushing that. he talked about how rates must rise because of the fed and the fedgov debasing the dollar -- meaning the prices of just about everything were going to go up dramatically. i didnt do it, but looking back....he was right about all of it.
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