Total Records Available

1,220,780

Senior Deferrals

powered by Content that Works

Posted On: 01/10/2018

Tax reform has upended a long-time homeowner practice: Deducting the full amount of property tax paid annually when filing federal income taxes.

Even before the new tax law, which limits the deduction for all state and local taxes, including property taxes, to $10,000, seniors on a fixed income often struggled to remain in their home in the face of high property taxes.

That’s why, as of the end of 2017, 24 states had “property tax-deferral” programs in place to help seniors, notes Abby Walters of the Boston College Center for Retirement Research. The new tax law will likely increase the need for these programs, particularly for seniors in high tax areas, she notes.

These deferral plans typically allow eligible [some programs are open only to those with lower incomes], seniors to defer all or a portion of their property taxes each year, Walters explains. “The locality would place a lien on the home and the unpaid balance accrues with a simple interest charge.”

See Your Public Records

First Name
Last Name
City
powered by Check Illinois

For instance, a senior who defers $5,000 annually for six years would owe $30,000 plus all interest charges when he leaves the home. “Often, the balance is paid by the proceeds of the sale of the home,” Walters says.

In some of the 24 states, deferral programs are available statewide, while in others each locality must adopt the program.

The 24 states are Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, North Caroline, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming. More states may join this roster, Walters says.

Besides tax deferral plans, many states offer a deduction on the assessed value of a home to certain owners, like seniors and veterans.

“If seniors are struggling to pay their property taxes, they should contact their local Board of Assessors to lean about possible relief options,” Walters says.


Download our Illinois Foreclosure Widget

Click the link below, and download our foreclosure widget. Let your users search for current foreclosure listings in there area. Simply place the HTML code on your site, it's that easy.

View an Example - Download Now



Company News

Win a 4 week subscription to any ONE of our databases - your choice! Liking Us and Liking this Post by 03/30/18 on Facebook. Current or past subscribers of our products/services are not eligible.


About Us

Services Record Information Services, Inc. has provided a wide variety of public and marketing-oriented data for the Chicagoland area for over 17 years. Our mission is to offer the most current public record and marketing information available, including databases of new homeowners, new businesses, new and previously recorded mortgages, bankruptcies and foreclosures plus much more. » Read More