Even if you have paid the house on retirement, many seniors have to pay taxes on their own. In order to reduce this burden, many states offer a variety of exceptions, tax freezing and tax credits that can reduce seniors’ property taxes.
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According to Realtor.com, these are 13 states, with seniors who are least paying property taxes and lifelong costs are also lower than the average US, based on the latest GobankingRates studies. Note that there are other states where seniors can pay little property taxes, but those states – Alaska, Arizona and Florida – have higher than average living costs.
The state of Alabama relieves seniors from the state real estate tax, although county taxes may still be subject to. The state of Alabama is the fifth cheapest state in the US, and the annual livelihood costs are $ 68,006.
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Arkansas, the sixth cheapest US state, freezes the valued value of the home or homestead for suitable seniors. This means that if you bought a house at a lower price, your property taxes will not increase. The annual cost of living here is $ 68,547.
In Ayova, the eighth cheapest US state of 65 and older can receive an exception of $ 6,500 from the value of their homes. Here the annual cost of living is $ 69,320.
Kansas, the third cheapest US state, offers generous tax credit up to 75% of the main property tax. For seniors, this is $ 67,234, annual expenses of $ 67,234.
Kentucky, 17Th The cheapest US state forgives the value of $ 49 100 for homeowners of 65 years of age or older. The annual cost of living here is $ 71,870.
Louisiana also offers a generous real estate tax assessment of the freezing of the first $ 75,000 home value. Louisiana is 14Th The cheapest state in the US, where the annual cost of living is $ 71,252.
North Carolina, 28Th The most affordable US state, seniors can receive a tax relief of more than $ 25,000 or 50% of their home valued value. The annual cost of living here is $ 75,580.
Ohio, 20Th The cheapest US state forgives the value of $ 26,200 for qualified older homeowners. The annual cost of living is $ 72,798.
Oklahoma, the second cheapest US state, has even the most generous proposal: the restrictions on senior assessments freeze the true value of cash, which is the right homestead for seniors, stabilizing real estate tax accounts. The annual cost of living here is $ 66,229.