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I'm in Illinois. In my county, we have a senior exemption that subtracts $4000 from your taxable valuation if you are over age 65. This was the first year I qualified for that.
There has also been a general decrease in property values since last year that further lowered the valuation.
I just received my tax bill today. Unfortunately, the total tax rate increased by more than 15 percent over last year, so my property taxes increased anyway.
(There is a senior freeze that can be applied if your income is low enough. However, that only affects the valuation, not the tax rate, and with valuations decreasing anyway, a freeze wouldn't help.)
Property values were generally bumped up 1-15% in our area. We had just refinanced to a lower rate and had an appraisal that dropped the value down 6%. I submitted the paperwork for an appeal based on the appraisal and they lowered the value to the appraised value. Check with your assessor in case they have a cutoff date for the appeal process.
On the original topic, I our state exempts the first $150,000 from property taxes for those over 65. In addition, the city has a senior hardship exemption that further limits property taxes to at most, 2% of annual income. These exemptions also apply to disabled veterans.
Is there anyone here who doesn't think it's dumb to give property tax breaks to people who are 65+ - just because they're 65+? Regardless of income - net worth - the value of the house (perhaps you have a house worth $1 million and you don't have a mortgage) - etc.?
Is there anyone here who doesn't think it's dumb to give property tax breaks to people who are 65+ - just because they're 65+? Regardless of income - net worth - the value of the house (perhaps you have a house worth $1 million and you don't have a mortgage) - etc.?
If so - raise your hand and tell me why. Robyn
(Hand held up high). Count me in. And no, this is not just sour grapes because California does not have a provision for a break in property taxes for seniors. Blanket breaks of any kind for seniors amount to political pandering. ("Look what we're doing for old people", and everyone thinks of their enfeebled old grandparents or something and gets a warm feeling - provided they don't really think about it).
All these sorts of breaks for seniors ought to be means-tested.
Two or three years ago, Congress passed a $250 give-away to Social Security beneficiaries because there had been no COLA increase. Remember that? I got one, but the waste of taxpayer money made me angry. I didn't need it at all, and not only am I not rich, I am not even well-to-do. Waste is waste, whether the people the tax breaks are wasted on are over 65 or not. We live in a very sick society, where superficial appearances trump reality almost all the time.
Like it or not...I have a strong feeling the term "means testing" will become a very familiar term over the next 10 years...especially with regard to taxes and medical expenses.
Is there anyone here who doesn't think it's dumb to give property tax breaks to people who are 65+ - just because they're 65+? Regardless of income - net worth - the value of the house (perhaps you have a house worth $1 million and you don't have a mortgage) - etc.?
Robyn
Some states have multiple criteria - age 65+ AND a certain income category. I bet fewer and fewer states will continue with the blanket reduction based on age alone. They will not be able to afford it as the boomers age.
NY state offers a tax break against school taxes (which is the largest portion) for seniors when they reach 65.
So on, say, a $5000 regular annual tax bill, what would a senior pay in NYS?
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Is it hard to keep up on the outside? Can you walk to anything?
Yes, I hate waste!
