3. Explore Senior Tax Break (Calculate Your Property Tax)
Several states have offered property tax relief programs for homeowners who are 65 and above. Some of these states even provide property tax freeze programs, which means that your property taxes, regardless of how much value your home appreciates, keep the same level.
What to Do: If you are a senior citizen, browse the property tax relief homes in your locality. In some cases, taxes are paid by the seniors only on a specific part of the asset’s value, so they reduce their overall tax burden.
Action: Visiting the local tax assessor’s office will tell you whether you qualify and how to apply for any senior property tax benefits that will apply to you.
Hi there! I am Sudip Sengupta, the face behind “Tfin Career”. Tfin Career is a sole proprietorship finance and consulting firm that makes complex tax and financial concepts easy to understand for everyone. With more than 21 years of experience in the field, I have noticed that people cannot make the right decisions in this field. So, I decided to create “Tfin Career” to help individuals and businesses alike. Here I urge those who are confused to make better choices. Also, it is good news for my dear clients and every visitor that I/we are going to start a training module for those who want to choose a career path in Finance and Taxation. Just follow my website.
Thank you for reading this post, don't forget to subscribe!