Seniors: Get the Tax Breaks You Deserve
Residents of Brookline, Massachusetts were thrilled to hear their property values had gone up 7.7%, since this almost immediately translated into more equity in their homes.
Unfortunately, it also meant their property taxes were going to increase — by a whopping 6.2%. But not to worry. The town made sure exemptions were available to help those most in need.
An exemption means you pay lower taxes on your property, usually by first reducing your property’s value by either a certain percentage or a dollar amount. After the exemption is applied, the remaining value of your home is then taxed.
You won’t automatically receive exemptions. You must apply and may have to show proof that you:
- Own the property.
- Reside in the home.
- Are of a certain age.
- Meet the income requirements.
Because the number and type of property tax exemptions differ in each town and can change every year, your best plan of action is to ask your local tax assessor’s office which exemptions could apply to you.
Looking for other ways to reduce your property taxes? Page 217 of The Fixed Income Answer Book for Seniors has several perfectly legal ideas that most people have never heard of!
- FC&A Staff Writer