12 States Where Older Homeowners Can Defer Property Taxes

Rawpixel.com / Shutterstock.com

If you’re living on a fixed income or struggling to hold on to your home, you might be relieved to learn about property tax deferral programs.

Generally offered through state or local governments, these programs enable eligible homeowners to postpone paying part or all of their property taxes — for anywhere from one tax year to as long as they own the home, depending on the program.

Following are examples of states in which property tax deferral programs are available to older residents as well as certain other residents — such as the disabled, veterans, or widows and widowers.

Just keep in mind that deferring property taxes is generally not free. In fact, it’s not unlike taking out a loan in that it effectively postpones your financial obligation to a later date, rather than waiving it. In the meantime, you will generally accrue interest — at a rate as high as 7 percent per year, as is currently the case in California.

In this regard, retirees who are looking to free up cash should look at property tax deferral programs similarly to how they consider a reverse mortgage. While the latter is ideal for certain retirees, it’s definitely not for others, as Money Talks News founder Stacy Johnson details in “Ask Stacy: Should I Get a Reverse Mortgage?

Read Next

12 Reusable Products That Will Save You Money Over and Over
12 Reusable Products That Will Save You Money Over and Over

Buy a reusable version of these household items and you won’t have to spend another dime on them for years.

17 Items Under $40 That Will Organize Your Home
17 Items Under $40 That Will Organize Your Home

These clever products on Amazon can help transform a messy nest into the pristine home of your dreams.

7 Common Online Shopping Mistakes That Cost You Money
7 Common Online Shopping Mistakes That Cost You Money

How many of these costly online shopping missteps are you making without realizing it?

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments