Tuesday, March 26, 2013

Useful Info For 65 And Over Homeowners


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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