We are officially in ‘Tax Season’. I would like
to point out some valuable and timely information for Real Estate Agents who
have clients that are nearing or over the age of 65 and/or Veterans. I will
review how they can move their exemption to another property.
Over 65 Exemptions:
The client has the following options to pay
their taxes:
1) Take the exemption and pay their taxes
2) Defer and pay when the property sells
3) Pay the taxes on a payment plan
*Always consult the tax office for payment
options.
Benefits to Over 65 and Veterans:
§ If the home owner is selling their property,
they have the option to take their Over 65 or Veterans Exemption with them to
the next property they purchase.
§ The client can also choose take the exemption at
any time of the year
What I as your real estate agent should know:
Know ‘where my client is going’.
§ What are your plans over the next 12 months?
§ Will you be downsizing?
§ Moving out of the state?
§ Moving into a State Funded Assisted Living
Facility?
If my client is Over 65 or a Veteran, these
exemptions can be moved at any time. However, a Homestead Exemption alone can
only be initiated in January at the beginning of a new year.
If my client decides to take their Over 65 or
their Veterans exemption to another property; the proration of the taxes will
be adjusted at closing.
Helpful County resources:
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