Monday, April 10, 2017

WILL TAXES ON HOMESTEADS BE REDUCED FOR SENIORS?

Originally published by Michael Cohen.

WILL TAXES ON HOMESTEADS BE REDUCED FOR SENIORS?

A couple of bills and a proposed constitutional amendment has been made in the Texas legislature to give tax relief for certain seniors and their surviving spouses. A joint resolution proposes a constitutional amendment that grants an exemption from ad valorem taxes on a residence homestead if the person is 75 or to their surviving spouse if the spouse was 55 years of age when the spouse who was granted the exemption dies.

There is also a bill in the Texas house of representatives that proposes an exemption from ad valorem taxes on a residence homestead. However, this bill requires the individual to be 80 and requires that the property was the person’s residence homestead for at least the preceding 10 years. Similar to the proposed constitutional amendment, a surviving spouse would also be entitled to the tax exemption if at least 55 years of age when the spouse who qualified for the exemption dies. The property must remain as the surviving spouse’s residence homestead to be entitled to the exemption.

 Another house bill proposes a reduction in taxation on the residence homestead of disabled veterans and their surviving spouses and children.

For more information and tips on taxes click here to listen to Michael Cohens latest podcast.

The post WILL TAXES ON HOMESTEADS BE REDUCED FOR SENIORS? appeared first on Dallas Elder Lawyer.

Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.



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