Quote:
Originally Posted by PR_Tom
There are also usually ways to get a property tax deferment in most states if I'm not mistaken. And I'm SURE with city and county bills like sewage and water, you can work things out in some way as long as you communicate with them.
Basically I'm just trying to say that these places WANT their money, they don't actively seek to kick old people from their homes over $400. The old lady probably didn't know what the heck was going on or who can guess.
As far as my utility and phone, what I said is totally accurate but obviously they're specific to those companies and my own state. So I don't think we've disagreed on anything so far.
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depending on where you live, if your home isn't worth that much money you might not have to pay any property tax.
Property tax exemption
A homestead exemption is most often only on a fixed monetary amount, such as the first 50,000 dollars of the assessed value. The remainder is taxed at the normal rate. In this case, a home valued at 150,000 would then only be taxed on 100,000; a home valued at 75,000 would only be taxed on 25,000.
The exemption is generally intended to make the property tax a progressive tax. In some places, the exemption is paid for with a local or state (or equivalent unit) sales tax.
The homestead exemption sales tax (HEST) in some places has been criticized for not exempting groceries, thus the poor end up paying some of their food money to subsidize those who can already afford their own homes. Since the poor typically rent, neither they nor their landlords get an exemption.
Examples
California - Exempts the first $7,000 of residential homestead from property taxes.
Georgia - Allows a 1% HEST, but it is only done in a few counties. None exempt groceries, but all must exempt prescription drugs.
Oklahoma - Allows a $1000 deduction of the assessed valuation if owners file for homestead exemption with the local county clerk. This is about $75 to $125 of savings per year.
Texas - Allows a deduction equal to 20% of house value. Additional exemptions are available for county taxes, people over 65 and people who are disabled.[4]
Florida homestead exemption - Allows a $50,000 exemption for the value of property which is assessed a property tax. Furthermore, increases in assessment shall not exceed the lower of: a) 3% of assessed value from prior year; or b) percentage change in CPI.[5]
Boulder, Colorado - Allows a 50% deduction for up to the first $200,000 (so $100,000 exemption) for seniors (over age 65) who have lived in their property for ten consecutive years.
Louisiana Homestead Exemption - Exempts the first $75,000[citation needed] of residential homestead from local property taxes.
Rhode Island Homestead Exemption- Exempts the first 20% of home value from property taxes.
Michigan Principal Residence Exemption - Exempts the homeowner from paying the operating millage of local school districts.