Property Taxes
Also known as homestead exemptions, property-tax benefits vary from state to state. For example, six states in the U.S. have frozen property taxes for seniors altogether while others have put a threshold on how much a property’s tax values can increase.
Take Alabama, for example. Seniors here are exempt from the state portion of their property tax. Meanwhile in Colorado, those over the age of 53 can exempt up to 50% of their property’s first $200,000 in value.
That’s why it’s a good idea to research how certain states tax their seniors if you’re planning on moving for your golden years. Finding the best destination for your finances could ensure that your savings will last you for several years longer than anticipated!
