As property values increase across the U.S., homeowners, particularly seniors on fixed incomes, face higher property tax bills. Although 16 states and D.C. offer exemptions and others provide tax credits or freezes, these measures often fall short amidst soaring home prices. New legislation in several states aims to further protect seniors from being taxed out of their long-term homes. Understanding the differences among exemptions, freezes, and credits is essential for finding the most effective relief, yet qualifying for these programs can be complex due to additional income requirements.
While many homeowners are feeling the pinch, seniors living on fixed incomes are often hit hardest by this growing burden.
Sixteen states and the District of Columbia offer property tax exemptions for qualifying seniors, but policies haven't kept pace with rapid home price growth, providing comparatively small relief.
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