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Unread 04-11-2009, 08:00 AM
 
Location: Utopia
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Question Which States freeze taxes at 65 y.o.?

Has anyone done a study on which States freeze taxes after one hits 65 years old? I know Texas freezes property taxes, but what other States do that, also?
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Unread 04-11-2009, 12:11 PM
 
Location: Eureka CA
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I've never heard of such a thing. It sure ain't California! I'll be curious to see the responses.
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Unread 04-11-2009, 12:52 PM
 
Location: Utopia
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Some of the States will freeze your property tax rate or freeze school taxes after 65. I hope someone responds to this post, also.
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Unread 04-11-2009, 02:56 PM
 
Location: Knoxville, TN
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Tennessee does, but it can vary by county.
Tennessee Comptroller of the Treasury - Division of Property Assessments
In Knox County the income limit is $33,000. How that income is figured and what's deducted is here:
Tax Relief - Trustee - Knox County Tennessee - A Great American Community
Also at that link is information on the property tax relief program in Knox County for aged and disabled. Income for that is lower.
Tennessee does not have an income tax but there is a high sales tax. There is a tax on some interest and dividend income if it's not through a Tennessee licensed entity. There's a higher exemption for 65-plus.
GUIDANCE FOR TENNESSEE’S INDIVIDUAL INCOME TAX RETURN (http://74.125.113.132/search?q=cache:SfznFfiqYyAJ:www.state.tn.us/revenue/tntaxes/indincguide.pdf+tennessee+income+tax+investment&cd =6&hl=en&ct=clnk&gl=us - broken link)
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Unread 04-11-2009, 04:47 PM
 
Location: Utopia
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Thanks as I didn't know that, knoxgarden.
Come to think of it, I think the State of Washington freezes the property tax amount, too.
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Unread 04-12-2009, 07:36 PM
 
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Quote:
Originally Posted by TootsieWootsie View Post
Has anyone done a study on which States freeze taxes after one hits 65 years old? I know Texas freezes property taxes, but what other States do that, also?
You can tell I'm in Texas...

My county taxes went to --- zero

My city taxes were cut about --75%

My school taxes were cut about --40%

and they are frozen at that..

But even in Texas I think this can vary depending where you live...
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Unread 04-12-2009, 07:43 PM
 
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I could have deferred them and paid zero on all of them. But who every ended up with the house after my wife and I are both gone would have to pay back all of the FULL taxes plus 8% a year interest.. And that could have run into multi thousands of dollars..

If they couldn't come up with the back taxes the house would be sold at a tax lien sell.
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Unread 04-12-2009, 09:55 PM
 
Location: So. Dak.
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South Dakota not only freezes real estate taxes on the house you live in, you actually get a taxcut. But winters are cold up here and unless you love cold and snow, I don't recommend it. After reading Houston's post, I'd personally check into Tx.
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Unread 04-13-2009, 10:23 AM
 
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Georgia gives a Discount on Property Taxes to those over 65, The State also gives an additional discount to those over 65 that are below a certain income level.
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Unread 04-13-2009, 02:17 PM
 
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Upstate NY reduces school portion of your property tax quite a bit when you reach age 65.
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