3 Ways to Make Some of Your Property Taxes Disappear
Did you know you can eliminate some of your property taxes? It’s true. Certain government programs help senior citizens face down this bill. Here’s how to get in on the deal.
Work it off.
Volunteer for tax credit? Sounds like a win-win. If your community participates in a Senior Property Tax Work- Off Program, you could perform chores for various nonprofit services or government offices in exchange for credit or compensation toward your next property tax bill.
Lock in the assessed value of your home, called a Property Tax Assessment Freeze, and your property taxes are calculated at a lower rate. A general Tax Freeze, based on income, will lock in the tax amount you owe so that it will not increase.
Available in some states, a property tax deferral allows you to postpone your property tax bill until you sell your home. In most cases, the taxes are taken out of the proceeds.
If you want more ways to save on your taxes, flip to page 59 in The Fixed Income Answer Book for Seniors to learn about rip-offs to avoid and refunds you don’t want to miss!
- FC&A Staff Writer