Author Topic: Homeowner's exemption  (Read 807 times)

Roadrunner53

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Homeowner's exemption
« on: June 17, 2018, 05:40:39 AM »
I just wanted to let those of you who are 65 years old to look into your local towns to see if you can get a homeowners tax exemption. In my town in CT one owner must be 65 years old to apply. In CT there seems to be two programs. One is thru the State and one is thru the Town. We did not qualify for the state portion but we did for the town. The exemption is $960. It sure isn't a fortune but less taxes works for me!

The income level for a married coupld is $43,000. Assets are not counted.

The State bases it on Social Security + adjusted gross income + non taxable income

The Town bases it on adjusted gross income + 1/2 Social Security + non taxable income

Every town and state has a different method of calculating and different income levels they base eligibility on.

Contact your Senior Service Counselors or your Tax Assessor's office for details on their programs.

You will have to bring your 2017 tax year information to the Assessor's office for them to calculate your eligibility.

There are other programs for Veterans, legally blind and certain energy assistance programs.

You have paid taxes your whole life and if you qualify, you should consider taking advantage of these programs.
« Last Edit: June 17, 2018, 12:18:04 PM by Roadrunner53 »

seattlecyclone

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Re: Homeowner's exemption
« Reply #1 on: June 17, 2018, 11:23:24 AM »
Good reminder. Many, many homeowners who are eligible for these programs are not aware they exist.

Here in Washington we have a few separate income-based property tax relief programs.

There's an exemption for seniors (over 61) with income below $40k. empts the household from some fraction of the property tax owed, and also freezes the assessed value of the house going forward. The woman we bought our first house from had been on this program for a couple decades and was paying a quarter of the standard rate as a result.

There are also deferrals for low-income seniors and also anyone with an income under $57k, allowing them to rack up part or all of their tax bill on a tab (with interest) that will only be collected once the home is eventually sold.

terran

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Re: Homeowner's exemption
« Reply #2 on: June 17, 2018, 08:48:10 PM »
One thing to note: my wife's grandfather was part of a program like this with a town it CT, but at least in his case it it was a tax deferral not a tax exemption, so his estate will have to pay them back.

Roadrunner53

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Re: Homeowner's exemption
« Reply #3 on: June 18, 2018, 03:46:25 AM »
One thing to note: my wife's grandfather was part of a program like this with a town it CT, but at least in his case it it was a tax deferral not a tax exemption, so his estate will have to pay them back.

Good point, there are some programs like that. That appears to be called Property Tax Deferrel as seen on this list: https://www.cga.ct.gov/2012/rpt/2012-R-0104.htm

My letter says: Homeowners Exemption.

Sibley

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Re: Homeowner's exemption
« Reply #4 on: July 17, 2018, 01:10:03 PM »
I get both a mortgage tax exemption and a homeowner's exemption. There are others that I don't qualify for, including a veterans one. The advice should really be broadened to say, if you own a house, you should check to make sure you're getting any exemptions you're entitled to. Just depends on your location.