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I just heard a crazy claim which clearly made no sense... but i can't find any IRS text on it one way or the other.... probably cause its just a crazy claim.
So the claim is that if your gross income is less than 50k in retirement, you pay no property taxes. State: VA
I just heard a crazy claim which clearly made no sense... but i can't find any IRS text on it one way or the other.... probably cause its just a crazy claim.
So the claim is that if your gross income is less than 50k in retirement, you pay no property taxes. State: VA
Anyone?
Why are you looking to the IRS, what you describe is a state or local issue. Take it to the VA forum.
Property taxes are always a local issue, the only interaction with the IRS is if someone is deducting part (or in the good old days, all) of it under the SALT deduction.
That said, I cannot imagine any state completely exempting under-$50K homeowners from property taxes. Because property taxes fund the public schools, that would negatively impact the schools way too much.
Let's put it this way: In my state, the best "deal" that any homeowner can get is a maximum of 45% off their property taxes BUT they not only have to be over 65 years old, their total gross income (including Social Security benefits) must be less than $29K. Colloquially this is called the "low-income senior" property tax reduction. And even then, there are certain taxing entities that do not offer a reduction under any circumstances (such as the public library and the local fire district, both of which levy property taxes here.)
I just heard a crazy claim which clearly made no sense... but i can't find any IRS text on it one way or the other.... probably cause its just a crazy claim.
So the claim is that if your gross income is less than 50k in retirement, you pay no property taxes. State: VA
Anyone?
It wouldn't be on the IRS site since the property taxes are assessed by the county. It's true though. My uncle and Aunt don't pay any property taxes on their paid off home in Woodbridge. They don't have much assets, mostly relying on social security.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by oneasterisk
It wouldn't be on the IRS site since the property taxes are assessed by the county. It's true though. My uncle and Aunt don't pay any property taxes on their paid off home in Woodbridge. They don't have much assets, mostly relying on social security.
We have a similar program here in Washington state, but to qualify one but be a senior and low income, then the missed taxes become a lien, and are repaid when the home is eventually sold. “There is no free lunch.”
I just heard a crazy claim which clearly made no sense... but i can't find any IRS text on it one way or the other.... probably cause its just a crazy claim.
So the claim is that if your gross income is less than 50k in retirement, you pay no property taxes. State: VA
Anyone?
This has nothing to do with the IRS, so why would you look to the IRS for an answer?
...... Colloquially this is called the "low-income senior" property tax reduction. And even then, there are certain taxing entities that do not offer a reduction under any circumstances (such as the public library and the local fire district, both of which levy property taxes here.)
Since the Fire Dept operates EMS in our community (and likely yours too), and the Public Library runs LOTS of special programs only for Seniors in our community (and likely yours too), I can understand the reluctance of these two entities to offer tax reductions for what may be their highest served population sub-set.
I just heard a crazy claim which clearly made no sense... but i can't find any IRS text on it one way or the other.... probably cause its just a crazy claim.
So the claim is that if your gross income is less than 50k in retirement, you pay no property taxes. State: VA
Anyone?
http://vlas.org/wp-content/uploads/2...d-Disabled.pdf
Most counties and independent cities in Virginia offer some form of property tax relief to seniors who own a home in their jurisdiction. Eligibility requirements vary by area, but, in general, seniors must be at least 65 years old and have a household income of less than $72,000. In many counties, low-income earners are entirely exempted from property taxes. https://smartasset.com/retirement/vi...tirement-taxes
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