My parents live in Illinois and they defer their property taxes in order to stay in their house..which they should have moved out of long ago but didn't.... It's essentially a loan and not an ideal situation but after much angst we decided it would be best. I never knew it was available so it's worth contacting the office responsible for property taxes in your area.
Each State/county/city/town is different. As txcamper mentioned above, check with your County Tax Assessor.
Whenever I see someone write that a senior is low income and still owns a home, even if the property tax is discounted will that senior still be able to continue to maintain that home?
With home-ownership there are are always sudden surprised that can be costly.... the furnace is beyond repair or the water heater without any warning breaks down and a new one is needed tomorrow... would that senior be able to come up with the cost or would that person need to finance the repair?
Some times that senior needs to bite the bullet and sell, take the equity and find a nice rental. Lot less things to worry about.
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Whenever I see someone write that a senior is low income and still owns a home, even if the property tax is discounted will that senior still be able to continue to maintain that home?
With home-ownership there are are always sudden surprised that can be costly.... the furnace is beyond repair or the water heater without any warning breaks down and a new one is needed tomorrow... would that senior be able to come up with the cost or would that person need to finance the repair?
Some times that senior needs to bite the bullet and sell, take the equity and find a nice rental. Lot less things to worry about.
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