4. Slash Property Taxes Through Local Exemption Programs
Rising property values often lead to surging property taxes, which create severe hardships for seniors living on a fixed income. To prevent older adults from being priced out of their long-time homes, most local governments offer significant property tax relief programs. These benefits for seniors usually fall into two categories: homestead exemptions and senior freezes.
- Senior Exemptions: This program reduces the assessed value of your home, which directly lowers your tax bill.
- Tax Freezes: This locks in your property’s assessed value at a specific baseline once you reach a certain age (often 65), preventing future tax hikes even if the neighborhood’s market value skyrockits.
- Circuit Breakers: These state-funded programs provide a refund or tax credit if your property taxes exceed a certain percentage of your annual income.
Because property taxes are handled at the county or municipal level, you must apply directly through your local tax assessor’s office. Pay close attention to deadlines, as most jurisdictions require you to submit your application by early spring to receive the exemption for the current tax year.
my age is 65 property tax freezes for delaware