Overview: Real Estate Agents have clients that are nearing or over the age of 65 and/or Veterans. We will review how they can move their exemption to another property.
Over 65 Exemptions:
The client has the following options to pay their taxes:
1) Take the exemption and pay their taxes
2) Defer and pay when the property sells
3) Pay the taxes on a payment plan
Always consult the tax office for payment options and modern tools like this 940 form generator.
Benefits to Over 65 and Veterans:
- If the home owner is selling their property, they have the option to take their Over 65 or Veterans Exemption with them to the next property they purchase.
- The client can also choose take the exemption at any time of the year
What every real estate agent should know:
Know ‘where your client is going’.
- What are their plans over the next 12 months?
- Will they be downsizing?
- Moving out of the state?
- Moving into a State Funded Assisted Living Facility?
If the client is Over 65 or a Veteran, these exemptions can be moved at any time. However, a Homestead Exemption alone can only be initiated in January at the beginning of a new year. Homeowners will love the good deals available for HVAC dual fuel systems right now. If repair is needed, then contact HVAC repair experts like these HVAC services in Arlington, TX and HVAC company in Crockett, TX or ones that do heating repair In Lascassas, TN.
If the client decides to take their Over 65 or their Veterans exemption to another property; the proration of the taxes will be adjusted at closing. Those who are investing in a new property may need to hire conveyancing solicitors to make the real estate transaction a lot smoother. Additionally, they might want to consider taking IPAF courses to ensure all equipment is handled safety and efficiently. Many Americans are looking to invest in Playa Del Carmen real estate.
Helpful County resources:
http://www.traviscountytax.org/goPropertiesTaxBreaks.do
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