In real estate, a property tax deferment means a temporary delay in property tax payments for qualifying properties and homeowners. While there are other types of tax deferral options, property taxes come with their own set of rules and special terminology. Here are some key things to consider about property tax deferments:
Deferring your property taxes means putting off regular payments. While you don't have to pay your property taxes, a tax lien will be placed on the property and the unpaid amount will continue to gain interest. When the deferment period ends, the owed amount must be paid in full for the lien on the property to be removed.
Seniors and people with disabilities can often qualify for a property tax deferment from their local governments. As long as the qualified homeowner is using a property as a primary residence, they can defer taxes either until the end of their life or the sale of the property. Each state has different rules, so it's important to investigate what your individual opportunities might be for tax deferment.
Property taxes are a major expense for homeowners of any age, but can become a burden for those without regular income, either due to retirement or disability. Therefore, it can be beneficial to defer property taxes and lower regular expenses to preserve savings and income.
While the taxes must eventually be paid for the lien on the property to be removed, deferment can save qualified homeowners thousands of dollars. If you're interested in learning more about how tax deferment might apply to you, consider reaching out to a financial consultant or tax professional.
Maria Mercedes Gomez & Larissa Porta we were born in Nicaragua, but had the opportunity to come to the U.S. over 30 years ago. As immigrants in this country, we knew that we had to work very hard to receive and accomplish our goals in life. For everything, we are very thankful every day! Our experience does teach us and remind us that we have a responsibility to pay forward to our customer.
We believe that today's real estate market demands a team approach where our individual skills come together to offer our customers the benefit of twice the knowledge and experience, not to mention commitment to work diligently to assist you in meeting your real estate goals.
