Paying property taxes can be a daunting prospect for homeowners. Despite the greater social and community benefits that taxes bring, it can still eat up a significant chunk of your budget. It is especially problematic for low-income homeowners who may struggle to make ends meet. Fret not, as there are housing grants available specifically tailored to help homeowners trim their property taxes. In this blog post, we’ll dive into some of these housing grants and how they can assist homeowners like you.
Homestead Exemption
Homestead exemption is perhaps one of the most popular types of property-tax savings available to homeowners in the United States. It reduces the assessed value of your home by a specific amount, which varies between states. To qualify, you must meet certain criteria, such as owning and living in the property as your primary residence. If eligible, you could potentially save hundreds or even thousands of dollars each year.
Property Tax Deferral Program
Some states offer a property tax deferral program that helps eligible homeowners postpone paying their property taxes until they sell their property or pass away. This program is an attractive option for low-income homeowners who may have trouble making ends meet. However, be aware that interest accrues during the deferment period, so there will be a higher amount of taxes owed when the property is eventually sold.
Tax Relief for the Elderly
Several states offer a property tax relief program aimed at senior citizens aged 65 or older. This program reduces property taxes for eligible seniors by a significant amount, making it easier for them to pay their bills and continue living in their homes. Eligibility requirements may vary depending on the state, but seniors with a low to moderate income are usually prioritized.
Property Tax Rebate Program
Some states offer a property tax rebate or credit program to reduce the amount of property tax owed by eligible homeowners. The rebate amount depends on your income, so low-income homeowners stand a better chance to receive a higher rebate amount. In some states, the rebate may also be available to certain disabled veterans and their families.
Disabled Veterans Exemption
Disabled veterans who are homeowners may be eligible for a property tax exemption. The eligibility requirements differ from state to state, but typically, you must have a service-connected disability and meet specific residency and income requirements. The exemption could save you thousands of dollars per year on property taxes.
Paying property taxes can be a significant burden for homeowners, but there are ways to reduce this expense. Various housing grants can lessen your property tax burden and help you keep your home. Whether you’re eligible for the homestead exemption, tax relief for seniors, or disabled veterans exemption, it’s essential to research the property tax programs available in your state and learn if you meet the eligibility requirements. If you need guidance, feel free to seek advice from a local housing agency or property tax lawyer. Remember, trimming your property taxes can go a long way in reducing your financial stress and enjoying your home.
