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This Secret Tax Break Could Save You Thousands of Dollars a Year If You Own a Home

September 10, 2018

From the Time Money website

House rich and cash strapped is a common predicament for many older homeowners — particularly in pricy housing markets with high property tax rates.

In a recent analysis by Zillow and Thumbtack, property taxes, utilities and homeowners insurance added up to $6,327 a year for the median-priced U.S. home, with property taxes likely making up the lion’s share of that cost. For retirees living on a fixed income, the ability to stay in their home often comes down to what they pay in property taxes.

For many there is another option: Defer them.

Hawaii does not have this program, but if you are living or plan to move to one of these states (including Washington and Oregon), it is an interesting option. The article does mention some downsides. Some of the links in the article provide additional information.

From → Finance

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