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Old 08-04-2011, 04:04 PM
 
Location: Metro DC
35 posts, read 62,155 times
Reputation: 51

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Jelly, if you love it that much what about taking in a roommate or a boarder and trying to stay put? I've thought about that some as a possibility.

 
Old 08-04-2011, 04:18 PM
 
5,090 posts, read 13,552,001 times
Reputation: 6928
Quote:
Originally Posted by Jellybean50 View Post
...I love my house and my land, it just gets to be pretty sad when every day i have to worry about how i'm gonna pay my taxes.
If you have trouble paying your taxes, there is another option that is available is some counties. My county allows seniors to forestall not paying and a lien is put on the house by the State. The taxes will be paid when the house is sold, by me or my estate. It does accrue interest on the balance but if that small amount of funds is enough to allow you to live more comfortable--then why not. It is sort of like a small reverse mortgage with the State holding the note.

"Are there any programs to help Senior Citizens with their tax burden?

Yes, a Tax Deferral (delay) Program is available to senior citizens, whereby the State of Colorado pays the taxes on your residence and holds a lien on your property until it is sold, or changes are made to your qualifications. The annual percentage rate set by state statutes is 7%. An individual must be 65 or older as of January 1st of the year claimed. Application must be made by April 1. The home must be "free and clear". Contact the Treasurer's Office for more information
."

I have not done this, as I am not yet 65. I may not do a tax deferrel, as I have no need for this small amount of money, at this time. My taxes are about $1450 a year. Homeowners Insurance is about $450 yr. However, when I do turn 65, I will receive a tax exemption and that would be about half the tax, so $725 or there abouts, is not much money to defer. I stated this before and here is the wording from the County:

"The three basic requirements are:
1.The qualifying senior must be at least 65 years old on January 1 of the year in which he/she qualifies;
2.The qualifying senior must be the owner of record, and must have been the owner of record for at least ten consecutive years prior to January 1;
3.The qualifying senior must occupy the property as his/her primary residence, and must have done so for at least ten consecutive years prior to January 1.

For those who qualify, 50 percent of the first $200,000 of actual value of the property is exempted. The state will pay the exempted property tax."


It is worth the effort the check your own county for programs that might benefit you. If your taxes are the high range of $3000, as some of you are saying, that is a significant amount of money that you could use to live better. If you are die in your house, what if you care if your heirs get less.


Livecontent

Last edited by livecontent; 08-04-2011 at 04:34 PM..
 
Old 08-04-2011, 05:54 PM
 
Location: Edina, MN, USA
6,954 posts, read 7,396,297 times
Reputation: 16288
As usual, our resident LC comes with logical helpful advice Jelly - I hope you find a solution to your problem.

Now I need to unload~~~~~~~~~~~~~

I hired 2 young boys to mow my yard. This week I emailed and asked if they could come on Fri - the response was that his mom had cemo on Friday. MY heart just broke. You never know what people are going through.
 
Old 08-05-2011, 01:07 AM
 
Location: Washington County, ME
1,549 posts, read 2,392,217 times
Reputation: 1873
Quote:
Originally Posted by livecontent View Post


It is worth the effort the check your own county for programs that might benefit you. If your taxes are the high range of $3000, as some of you are saying, that is a significant amount of money that you could use to live better. If you are die in your house, what if you care if your heirs get less.


Livecontent
Thank you VERY much for you help and ideas, i really appreciate it.

I am only 52, but i am disabled. I am in the process of checking into every kind of help available - including assistance for heating, cable, etc. - even if it is just a small amount each year. Each amount off of a bill helps! (And no, i dont have to worry about heirs getting anything becuz i dont have children.)

We get a tax break each year that they figure according to income etc. and mine only came to $159 last year - but yes it was something.

And i will think about the housemate idea too. I would like to stay here at least 2 more years if i can, as one of my sisters has cancer and is still healthy and i'd love to be able to see her as much as i can. But i HATE giving NJ so much of my money, when i dont have it to give!

Thanks again.
 
Old 08-05-2011, 03:23 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,622 posts, read 39,986,663 times
Reputation: 23772
I certainly share the burden of property tax. Mine went from $800 / yr to $12,000 in 12 yrs, yep, $33 per day... (doubled in 2006 and 2007). I fought this in court, only to be seriously chastised and told to 'sell' my home. (which I designed and built to LIVE IN, not to sell). My assessment has now been cut in half, but levy climbed so taxes are more than before. I would be content if the assessor would just write me a check for what he has it valued at. (good use of TARP funds, Money back INTO the economy)

There is a senior deferral in our state (which I am over 10 yrs away from), but you need to make under $32k/ yr (no problem there!!!), no 'homestead' type exemptions. (as in Colo, WY, MY, ID...)

My healthcare expense is similar @ $1200 / month. I eat on $100 / month and drive a 35 yr old car that cost me $35. bucks. Taxes and health care represent about 90 % of my CoL. Electricity is $79/month (no gas available in the 'boonies')

I do have a beautiful view and am fortunate to have enjoyed it for the last 12 yrs. I also am lucky to have been able to bring my tile home from living in Spain, it was fun shopping for it.

I just bought a rural place less than 1/2 mile away, it's taxes are 1/12th my current rate. Funny (not really) how no one seems to be interested in buying an 'over-taxed' house.... one looker in last 1.5 yrs.
 
Old 08-05-2011, 09:32 AM
 
5,090 posts, read 13,552,001 times
Reputation: 6928
[quote=StealthRabbit;20325164]...There is a senior deferral in our state (which I am over 10 yrs away from), but you need to make under $32k/ yr (no problem there!!!), no 'homestead' type exemptions. (as in Colo, WY, MY, ID...)...QUOTE]

Colorado law does not allow a homestead exemption for property tax. The statute is specifically designed, in this State, for protection from creditors, to the amount of $60,000 or $90,000 if you are elderly or disabled.

Livecontent
 
Old 08-05-2011, 09:54 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,622 posts, read 39,986,663 times
Reputation: 23772
Quote:
Originally Posted by livecontent View Post
Colorado law does not allow a homestead exemption for property tax. The statute is specifically designed, in this State, for protection from creditors, to the amount of $60,000 or $90,000 if you are elderly or disabled.

Livecontent
There is significant property tax benefit in CO to having owned your property for an extended period of time.(i.e. 'homestead', tho your personal interpretation may vary). They won't count my first 15 yrs of ownership, then having a 30 yr break (out of state), I should have kept my Loveland home on a small park, (near lake). It had a great view of the front range, and the city did my 'lawn' for me. I am looking for investment prop there at the moment, my most faithful friends still live there. They have scheduled their annual bluegrass + Homemade Icecream bash to coincide with my visit next week. Loveland High Plains Arts Council
That was very nice of them. (they are great folks, I miss them and the 'daily glimpse' of sunshine, and daily 3pm rain / lightning / thunderstorm storm).

I hope to spend an evening on the open prairie (in hopes of a great thunderstorm), Pawnee National Grasslands in Colorado (http://www.gocolorado.com/Content/Article/44/Pawnee-National-Grasslands-in-Colorado.aspx - broken link), and another laying on the hot rocks at Vedauwo (WY, 20 miles north of Box Canyon CO) watching the meteor showers. Rock Climbing at Vedauwoo, Wyoming. Your resource for climbing, hiking and camping at Vedauwoo.
 
Old 08-05-2011, 10:07 AM
 
5,090 posts, read 13,552,001 times
Reputation: 6928
Quote:
Originally Posted by StealthRabbit View Post
There is significant property tax benefit in CO to having owned your property for an extended period of time.(i.e. 'homestead', tho your personal interpretation may vary). They won't count my first 15 yrs of ownership, then having a 30 yr break (out of state)...[/url]
I have no idea what you are talking about. I cannot find any reference in any State statutes to this statement. Can you a provide a specific citation for what you are saying? I would really like to know.

Livecontent
 
Old 08-05-2011, 04:25 PM
 
Location: Near a river
16,042 posts, read 18,985,208 times
Reputation: 15649
Is there an up to date (2011) website that gives clear information about taxes in all the states? I found one last year but there was no date on it so I didn't trust it. It would be helpful to see a comparative chart. In my state, "homestead" does not mean any kind of exemption, is just means protection from creditors (other than federal loan) up to a certain amount, I think it's $300K. But I'm reading here from others that "homestead" implies some kind of exemption when you turn 65. I could really use some clear, 2011 information if anyone has it.
 
Old 08-05-2011, 05:52 PM
 
Location: SoCal desert
8,093 posts, read 13,238,618 times
Reputation: 14870
Quote:
Originally Posted by newenglandgirl View Post
Is there an up to date (2011) website that gives clear information about taxes in all the states? I found one last year but there was no date on it so I didn't trust it. It would be helpful to see a comparative chart. In my state, "homestead" does not mean any kind of exemption, is just means protection from creditors (other than federal loan) up to a certain amount, I think it's $300K. But I'm reading here from others that "homestead" implies some kind of exemption when you turn 65. I could really use some clear, 2011 information if anyone has it.
The Tax Foundation (http://www.taxfoundation.org/taxdata/ - broken link) finally updated its site to 2009, at least for the Property tax section and the tax burden section.
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