Special offer

Tax time and that unadvertised tax benefit.....

By
Real Estate Agent with RE/MAX Advantage

Having been in real estate for many years and thinking I was pretty smart, I was absolutely bowled over when we had a member of the tax assessor's office come and speak to us a few years ago.  She mentioned "freezing your taxes" as a benefit to people over 65 or handicapped!  WHAT!  How come I'd never heard of such a thing.  The cat was out of the bag, so to speak......I don't believe a real estate agent in that room had ever heard of such a thing. 

Since then we have added it to our state forms but it is still not widely known.  You can't believe how important you can feel when this is mentioned to a 65 or older person.  They want to RUN to the court house to freeze their taxes.  I think it is one of Arkansas's most unadvertised benefits! 

I was thinking of this because it is tax-paying time in our state.  Happy tax-paying!!

Dwayne West
Atlanta Real Estate - Canton, GA
Canton Georgia Real Estate
This is very interesting. I would love to freze my taxes as well.
Oct 08, 2007 02:58 AM
Wayne Miller
San Diego, CA
Great post Barbara, just makes me wonder what other benefits we're not aware of. 
Oct 08, 2007 02:59 AM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
Barbara, you named the tax benefit, but didn't tell us what it is!
Oct 08, 2007 02:59 AM
Nancy Moeller
Seven Gables Real Estate - Anaheim Hills, CA
News to me!  I'll check it out.
Oct 08, 2007 03:02 AM
Roy Kotz
NPDodge - Papillion, NE
It's amazing how these types of bennifits go unnoticed. Here in Omaha home owners can actually file for a tax exemption based on their age and income. However, I am sure there are several people that qualify that have no idea the bennifit exists
Oct 08, 2007 03:12 AM
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
GRI, e-PRO, Executive Broker, Searcy AR
The tax benefit is that when you become 65 you can go to the courthouse and request that your taxes never go up again as long as you own the house you live in.  Sorta like the homestead credit.  The taxes will of course become "unfrozen" when and if you sell the house.  AND you have to ask;  it is not automatic.
Oct 08, 2007 03:13 AM
Kim Clark
Silver City Regional Association of REALTORS - Silver City, NM
AE, GAD
In New Mexico we have a property tax rebate for those over 65 years, it is based on gross income.  Check your state property tax statutes.  We also have a military veterans property tax exemption.  Thanks for the reminder Barbara.
Oct 08, 2007 03:23 AM