Neil Sweren's Interesting Points

Many if not most states offer some sort of property tax relief for owners who meet certain criteria. Surprisingly many of our senior Reverse Mortgage borrowers who meet the qualifications for a reduction say they had no idea it was available and never applied for it.

In Maryland, anyone with household income less than $60,000 may be eligible, but you must apply every year by no later than Sept 1st. It is best however to submit the application by May 1 so that any credit due can be deducted beforehand from the initial July tax bill. Other state and local governments have different requirements.

For example, Fairfax County Virginia’s program for example starts at household income of $72,000 or less for those 65 or older or permanently and totally disabled. Those with $52,000 or less in household income may be eligible for 100% relief. Certainly worth looking into.

More information and the application for the Maryland Homeowners’ Tax Credit Program can be found on the Maryland State Department of Assessments & Taxation’s web site HERE. More info on Virginia’s program mentioned above is available HERE. If you need assistance locating guidelines in other areas, let me know.

Think about someone you know who might qualify for or benefit from this information and please share it with them.

Filed under: Mortgage | Tagged: Reverse Mortgage, seniors, tax credit |