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Do seniors get a break on their real estate taxes?

August 21, 2008


From:  Joyce
Date:  01 Jul 2008

I am 65 years old and I am on the deed along with my daughter and son-in-law. I have heard that seniors can get a break on their real estate taxes. Is this true, and will I be eligible since I am not the only person on the deed?

Thank you,

Joyce

Answer

Date:  03 Jul 2008

Hello Joyce,

First, I am assuming you live in California. I suggest that you contact the county assessorís office in your county for help about the details if you decide to proceed.

The Franchise Tax Board provides a Homeowner Assistance Program to qualified homeowners who are age 62 or older on December 31. You must own and live in your home, but you arenít required to be the only owner. For 2007, the maximum household income (including your social security and the earnings of your daughter and son-in-law) is $44,096. The maximum assistance payment you can receive is $472.60.

There is also a property tax postponement program. This is a loan for property tax payments from the State of California. The loan plus interest is repaid to the state at your death or when the property is sold. You must be age 62 or older, have at least 20% equity interest in the residence and have a total household income of $33,993 or less.

In order for your family to live in California, it seems likely to me that your household income will exceed the limits, so Iím not going further in this explanation.

Good luck!
Mike Gray

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IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

Do seniors get a break on their real estate taxes?

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