I hope you enjoyed the holiday weekend. We wanted to share this important information with you as we transition into the New Year. Here’s a way to potentially reduce your property taxes going forward if you’ve recently turned 65 and have owned your home for 10+ years now. Essentially, the qualifying senior must be at least 65 years old as of January 1st, of the year in which he or she qualifies.
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. For those who qualify, 50 percent of the first $200,000 of actual value of the applicant’s primary residence is exempted. Please see the attachment above for more information and determine if you are now eligible for this great tax savings. As always, if you know of someone who wants to buy or sell a home please have them call me first.