More Elderly Homeowners Able to Defer Real Estate Taxes

The city council in Haverhill, Massachusetts voted unanimously to increase the income limit at which the elderly can defer their real estate taxes. Previously, those citizens, over the age of 65 who earned less than $20,000 annually were able to put a lien on their house, so that the taxes would not have to be paid until the house was sold- either by the owner or the estate. Now the minimum income is $30,000 per year.

This will mean that more elderly people will be able to afford to stay in their own homes. The provision will not free the elderly from the tax obligation, but rather will defer it, so that they can more easily afford the cost of living. The residents outside of Haverhill might not be as fortunate. Each city can set its own limit. If you are of a retiring age, and struggling to pay your taxes, contact the law office of Kerstein, Coren & Lichtenstein LLP today. We specialize in tax and real estate law.