Property taxes are a worry for Retirees

By
Real Estate Agent with Results Realty

The baby boomers are now starting to think about retiring in a few years and the rising cost of property taxes are on their minds.  Retirees who live on a fixed income are very worried as their properties have increased in value.  Some have concerns that they will be forced from their homes even though they have paid off their mortgages. 

For Texans, legislators have devised a number of provisions designed to help seniors.  For those age 65 and older, all owners of qualifying homesteads are eligible for an exemption of at least $3,000 from county taxes in counties that levy taxes for roads and flood control and $15,000 from school district taxes.

The tax code provides further protection for seniors by limiting school tax on their homesteads.

These tax codes should give homeowners a sense of relief as they are going to be living on a fixed income as their homestead offers limitation on their School taxes.

Homeowners must file an application with the appraiser to receive these exemptions.  The Appraisal District will continue to appraise and calculate taxes, the School taxes levied on a homestead cannot exceed the amount that the homeowner qualified for the over-65 exemption.

I feel we are very fortunate to live in Texas which is a homestead state.  There are numerous protections that benifits homeowners with a homestead.  The home you homestead must be your primary residence. 

Candy Henthorne
Results Realty
Email Candy
281-413-3076

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Rainer
33,950
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no thanks - Harlem, MT
Candy, this sounds like a good thing for seniors. Oregon is not a homestead state and I find myself sitting here wondering what a homestead is! I hope you can enlighten me :) I'm wondering how the state is going to compensate for lost revenues since there is such a large population of baby boomers. Have a great day, Candy!
Oct 30, 2007 01:18 AM #1
Rainmaker
2,857,313
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher
Candy, This is wonderful news for your seniors.  Here they are being forced off the Island and away from their children because they simply can't afford the taxes.  I'm so glad to hear they are actually doing something where you are!
Oct 30, 2007 02:27 AM #2
Rainmaker
59,096
Candy Henthorne
Results Realty - Spring, TX
Spring Texas Real Estate
Bridget - A homestead is your primary residence.  You file for your homestead exemption after January for following year after you close on your home, and it offers certain protections for the homeowner.  I am not sure how the State of Texas is compensated for any lost revenue due to the over 65 exemption on homestead properties, I can guess the fact that we have so much industry would help. But it is something they have devised through legislation for the over 65 homeowners of Texas.  Thanks for the comment.
Oct 30, 2007 05:58 AM #3
Rainmaker
59,096
Candy Henthorne
Results Realty - Spring, TX
Spring Texas Real Estate
Carole - I think it is a wonderful thing, as over 65 years generally do not have children in school, so it seems right to me they should get some kind of an exemption.  I am glad they do.
Oct 30, 2007 05:59 AM #4
Rainmaker
76,187
Robert Monk
100% Realty, Inc. - Santa Rosa Beach, FL
Florida Real Estate
Candy, there is a  company in Houston (and probably many, many more) that will review your property taxes each year, and protest them.  Their fee is 50% of whatever they save you.  I thought that was a good thing!
Oct 30, 2007 10:51 AM #5
Rainer
67,222
Keith Perry
Coldwell Banker - Hiram, GA
REALTOR - West Metro Atlanta
Hi Candy, We have a homestead exemption clause that works much the same as yours there in Texas. It is a very good thing for seniors.
Oct 30, 2007 11:09 AM #6
Rainmaker
59,096
Candy Henthorne
Results Realty - Spring, TX
Spring Texas Real Estate
Robert - You are right, there sure is.  I protest my taxes myself, but it time consuming.  Thank you for your comment Robert.
Oct 30, 2007 01:01 PM #7
Rainmaker
59,096
Candy Henthorne
Results Realty - Spring, TX
Spring Texas Real Estate
Keith & Robin - I am glad you are a homestead state.  I too believe it is a good thing.  Especially for Seniors.
Oct 30, 2007 01:03 PM #8
Rainer
304,164
Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC
Hi Candy,
This is a wonderful thing for senior citizens.  Unfortunately here on the coast of NC,some people are being forced to sell their homes because the taxes are so high they cannot afford to stay in the home that has been in the family many generations.  The re-evaluation set very high values on waterfront property.     It is very sad.  
Oct 30, 2007 01:34 PM #9
Rainmaker
59,096
Candy Henthorne
Results Realty - Spring, TX
Spring Texas Real Estate
Cynthia - I totally agree with you.  This is very sad.  Our over 65 exemptions here in Texas varies by county.  Some counties offer more than others. That is something you need to look out for here. 
Oct 30, 2007 02:55 PM #10
Rainer
67,222
Keith Perry
Coldwell Banker - Hiram, GA
REALTOR - West Metro Atlanta
I just aked my Mom in Louisiana and she told me that her property tax was Zero but the hazard insurance was $2700 because of the storm. Go figure huh :(
Oct 30, 2007 03:02 PM #11
Rainmaker
643,751
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro
Candy, we are fortunate to live in a homestead state.  Harris County in particular REALLY looks out for their seniors.
Oct 30, 2007 03:18 PM #12
Rainmaker
59,096
Candy Henthorne
Results Realty - Spring, TX
Spring Texas Real Estate
Keith & Robin - Oh my, that is sad but, it doesn't surprise me.  Ours went up after the Alison Flood and then a huge mold claim in many areas across the state.   I believe the Insurance companies try to make everyone else in the entire county or maybe even state pay the price.  My area was not hit by the water, but we got hit on the premiums anyway for a year or so.  The fact that your Mom has Zero for taxes is fantastic!  Thanks for the comment and I hope your Mom's hazard insurance goes down soon. 
Oct 30, 2007 04:45 PM #13
Rainmaker
59,096
Candy Henthorne
Results Realty - Spring, TX
Spring Texas Real Estate
Marchel - Absolutely we are fortunate to live in a homestead state.  I am very proud of the fact that Texas, and Harris county in particular really looks out for the seniors.  Thanks for the comment Marchel.
Oct 30, 2007 04:48 PM #14
Ambassador
1,709,615
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Candy

Every day folks in NH worry about their property taxes keep going up. In some of the small towns here with just a 2 bedroom house on only .19 your taxes can be 3000.00 or more.

Have a good one

Oct 31, 2007 09:17 AM #15
Rainmaker
59,096
Candy Henthorne
Results Realty - Spring, TX
Spring Texas Real Estate
Dale - I think the high taxes are a worry for so many people trying to retire.  Some of the stories I have heard are very sad.  Thanks for the comment.
Oct 31, 2007 01:05 PM #16
Ambassador
2,138,343
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate
I heard someone on the radio mention a similar idea here yesterday. To lock in the tax bill at the same rate as the day of retirement until they either die or sell.
Nov 01, 2007 08:42 AM #17
Rainmaker
59,096
Candy Henthorne
Results Realty - Spring, TX
Spring Texas Real Estate
Todd - I am glad they are considering it in Oregon.  It is much easier for seniors trying to live on a fixed income.
Nov 01, 2007 09:08 AM #18
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