Property tax bills can be a great financial burden for people, and it may be even worse for seniors who don't have a steady flow of income.
Property tax bills in the US are issued to property owners by local governments every year and are determined based on the property value and the percentage of property tax levied by that particular state. These property taxes are used to fund public services like schools, roads, public safety, transport, and other essential expenses.
When it comes to senior citizens paying a significant amount of money towards their property taxes every year, the state of Texas stands out as a beacon of support for elderly residents.
Texas has numerous schemes and policies, from exemption programs to freeze initiatives to providing property tax relief for seniors. In this article, we’ll explore some best practices and exemptions for senior citizens of Texas (and other states) that can help maximize their property tax savings in 2023.
1. Timely application:
Some exemption policies in Texas have a certain age limit that seniors must meet to be eligible for its benefits. This is our first tip because the simplest way for seniors to take advantage of property tax relief is to apply as soon as they meet the age requirement.
This ensures that senior citizens won't miss out on a single year of reduced tax bills.
2. Explore additional disability exemptions:
While senior citizens should be aware of the state's standard property tax relief for seniors (exemption policies), they must go above and beyond in their research to find the lesser-known and lesser-advertised tax relief schemes that exist to ease the property tax burden of seniors.
For example, senior citizens with disabilities can access disability-related exemptions that provide substantial relief, along with the usual senior citizen exemptions. One way to research such exemptions is by reviewing the relevant sections on government websites.
3. Make the best use of tax dynamics by staying informed
The tax landscape is always being modified with new changes and exemptions, and the general public may not always have the latest knowledge regarding these adjustments. Therefore, seniors must regularly check for any changes in tax legislation to optimize their property tax benefits.
4. Utilize freeze programs
Under tax deferral programs for people aged 65 or older, property owners can freeze their property tax rates, effectively shielding them from potential future increases in property tax rates. Seniors need to file an affidavit with the appraisal district to apply for the deferral and once filed, their taxes will be deferred. This process allows senior homeowners to defer their property taxes until their estate is settled by their heirs after their death. Homeowners who occupy the property as their primary residence, are above 65 and have a limited income can qualify for this program.
5. Regularly review exemptions:
Along with staying informed about new tax dynamics, another crucial thing seniors need to do is periodically review their exemptions with the local tax office. Additional tax exemptions could be available for people experiencing health or financial crises that make it harder for them to pay their total property tax bill.
6. Consult professionals
The legal processes may not always be a cakewalk, so if seniors are struggling to navigate the complex topic of property tax, it's best to get professional help, such as hiring tax consultants. Ideal professional assistance helps not only identify the best property tax relief options for seniors but also helps them complete the process of applying for those exemptions seamlessly.
How can Bezit help you?
Having already helped 500+ homeowners in Texas file successful tax protests and save tens of thousands of dollars on their property tax bills, we understand that property bills are not always what homeowners expect. Despite the various exemption policies in place, there are times when even reduced tax property bills seem like a huge and unfair burden for older people who don't have a consistent stream of income.
Therefore, if you think your property value has not been assessed correctly, we will help you through every step of filing a protest against your property bill. We will also work hard to help you win—without putting a dent in your wallet. If that's the kind of help you need, connect with us at Bezit today.