Posts Tagged ‘Debt’

Property Tax Relief to All

November 23rd, 2022

A lot of homeowners have problems with property taxes. If you are one of these homeowners, you may find some assistance through property tax relief. There are several categories of property tax relief, such as property tax relief for senior citizens, for first time home-buyers, for low-income taxpayers, for individual taxpayers, and property tax relief for long-term homeowners.

Such relief for senior citizens is practical because these people have retired to a lower income and can’t afford to pay property taxes that keep increasing over time. The government is at least responding in some degree to the needs of this group of taxpayers who are, obviously, experiencing higher costs on lower incomes.

Relief for first time home-buyers comes in the form of refunds and rebates that can be applied against income taxes. This is another part of the government’s incentive to help shore up the real estate market after its historic decline. Many home-buyers have come on the market as of late because of this property tax relief coupled with the first time home-buyers tax deduction implemented for the 2009 tax season.

Property tax relief for low-income taxpayers makes sense for the same reasons as property tax relief for seniors makes sense. The working poor in this country are facing lower wages than in a long time. Many employers have outsourced jobs and people who were once unemployed are forced back to work for much lower wages than they earned before their layoffs. They call this trend under-employment. Due to under-employment, many families are having trouble hanging on to their homes. Certainly, they are deserving of a break on their property taxes.