Re/max Innovative Properties
In some states, qualified homeowners can use a property tax deferment to save on annual expenses. While deferring taxes usually refers to a period of delay in paying taxes on an item until a later date, property tax deferment comes with some additional important factors. Here is a quick guide about property tax deferrals:
Property tax deferment allows qualified homeowners to discontinue their real estate property taxes, as long as they remain qualified. While the taxes are deferred, there is a tax lien on the property. Interest will still accrue even if you're not making payments, and unpaid taxes will appear with a "delinquent" status on public records.
Specific qualifications vary by state, but senior citizens and homeowners with disabilities may qualify for a property tax deferment. However, the general rule only applies to the property serving as your primary residence. Therefore, if you qualify for a deferral but move to another home, taxes on the old property will resume. Check with your local government to find out what opportunities you have to delay your tax payments and what your responsibilities are as a new homeowner.
Tax deferrals do not last forever. If the deferral ends due to a home sale or inheritance, the tax collection will resume and require payment of the entire deferred amount. This amount would include interest accrued during the deferral period.
While property tax deferment can be a huge benefit to homeowners, the taxes still need to be paid eventually. Therefore, when considering a new home, it's crucial to investigate the tax situation to make the best financial choice.
With over 18 years of experience, Jessica is licensed New Hampshire and Massachusetts. A proud member of the National Association of Realtors, Jessica values the highest code of ethics and standards expected of her. As a seller’s agent, she uses the most current market information to properly value the property. In addition, with her experience she is able to assist sellers on the best ways to improve homes so they can solicit the highest offers. Jessica works with a cutting edge marketing & social networking firm to obtain the maximum exposure for all of her listings. Known for her negotiating skills, she has a passion for working with buyers providing knowledge of what to expect & peace of mind throughout the process. In addition to what Jessica provides as a buyers agent, she works closely with a team of experts so it’s a “one stop shop” for all her buyers. In addition to her real estate career, Jessica is also a licensed loan originator in N.H. Combined with her expertise in both real estate, mortgages and finance, Jessica has a full understanding on the home buying and selling process. In today's real estate market it is so important for sellers and buyers to work with an agent who has great skill set and experience.
