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Most home buyers get a mortgage loan to finance the purchase. And for most people, the mortgage servicing company holds some of the owner’s payment in escrow, and pays property taxes out of that account on behalf of the borrower as long as the mortgage exists.
But what if the mortgage servicer lets a tax payment slip through the cracks?
Continue reading “Mortgage Company Paying Your Property Taxes Out of Escrow? Check.”
Getting over the hurdle of property tax payments is harder these days. That’s because taxable home values have gone up.
So older Pennsylvanians are praising their governor, Josh Shapiro, for signing Act 7 of 2023 into law. It enlarges Pennsylvania’s Property Tax / Rent Rebate (PTRR). Hundreds of thousands of people — those who own, and those who rent — will benefit from the change. They include: Pennsylvanians aged 65 and up; surviving spouses aged 50 and up; and people with disabilities who are at least 18 years old.
The modified law takes effect in January 2024. But you need to know about it in order to get it! So here’s a Q&A to describe what’s going on.
Continue reading “A Ray of Sunshine for Older and Disabled Residents: Pennsylvania’s Amped-Up Property Tax Assistance Can Help”
For some seniors and people with disabilities, property taxes can feel like the proverbial last straw on the camel’s back.
On the other hand, local governments need funding. They tax their residents to fund resources like emergency response departments, schools, and libraries.
How much will you owe in property taxes? It depends on what your state and local governments decide. If you’re a senior or have a disability, most states offer reductions. To offset the pain of inflation, some states have raised income thresholds this year, making tax breaks available to more seniors.
Read on, as we look at some highlights. We start with New Jersey, which taxes its homeowners more than any other state in the nation.
Continue reading “Property Tax Breaks for Older Homeowners (New Changes for NJ, PA, and MD Seniors)”
Taxes keep going up, following property values. But some homeowners — and buyers — can tap into county or state property tax breaks.
Some states exempt seniors from property tax. Some states let eligible homeowners put off paying property taxes — in many areas, for as long as they own the home. An exemption doesn’t have to be paid back. A tax deferral does.
Plans are being expanded in some locations, so it’s always worth it to check in with your government’s revenue department if you think you might be eligible.
Continue reading “Welcome News: Some States Are Helping Seniors Defer Their Property Taxes”
Property prices are surging most everywhere. And when property values rise, taxes — charged based on a percentage of property values — rise right along with them. So, confronting property tax hikes has become a rallying cry in many states.
Montana is no exception. And now, a former Montana legislator has submitted a proposed ballot initiative to halt major tax increases for people who aren’t buying or selling, but just keeping their real estate.
Let’s take a look at how it’s going so far.
Continue reading “Montana Property Tax Going Up? Not So Fast.”
Property taxes are a test of strength for most homeowners. For people on fixed incomes, rises in property values — and thus taxes — can be dastardly. Now, imagine people on fixed incomes who just happen to live in Illinois.
Illinois ranks #2, after New Jersey, for highest property taxes in the nation, according to a recent WalletHub analysis. The Illinois homeowner shells out an average of $5,000 in property taxes on a $217,500 house. That means people in Illinois pay double what the average homeowner pays in property taxes nationwide.
Some seniors can’t pay it, and have no way to earn the extra income. For them, there is a little extra relief coming this year — perhaps just enough to keep some of the most cash-strapped homeowners in their homes. More on this below.
Continue reading “Illinois Property Taxes Are Ridiculous. A 2021 Change Helps Some Seniors, But Cook County Assessment Scandals Add to Challenges”
For years running, Texans have been protesting their property taxes. This year (2021), Texas homeowners had until May to object to their county assessors’ valuations of their homes. When they win their cases, their homes’ market prices don’t change. But their tax bills do.
County procedures enable Texas homeowners to contest their property tax assessments. Some Texans now regard the process as a necessary savings strategy in a challenging economy.
Continue reading “Do-It-Yourself Stimulus? The Rise of the Property Tax Protests”