I read this post this morning from The Talon Group (link no longer available) and even though my background includes 14 years in the title and escrow industry, I had no idea about the different options for Seniors with property taxes…this is a must read!

Washington State provides two very different programs for our “well-aged” homeowners to help pay property taxes. The most popular program, Senior Property Tax Exemption allows seniors making less than $35,001 to “freeze” the tax value of their home (in the eyes of the assessor) at the current rate. As the assessed value rises or falls, the taxable value will be billed upon the lesser of the frozen or market value. Other than the Emergency Medical Services Levy, this program exempts all excess or special levies that are in addition to the regular levies. Seniors can even exempt themselves from paying for regular levies if their income is $30,000 or below. To qualify, you must be at least 61 years of age by December 31st of the application date. Renewals are sent out at least every four years.

Washington State Property Tax Exemptions and Deferrals

If you’re a 62 or better and are looking for more wiggle room with your retirement funds, you may want to consider a reverse mortgage. Questions? I’m here to help!