A property tax freeze is one of the most valuable tools for seniors facing rising home costs. Here is how it works and how to claim it.
How does a senior property tax freeze work?
A freeze locks in either your home's assessed value or your actual tax bill so future increases are prevented. You still pay the frozen amount, but you are shielded from rising assessments as your neighborhood's values climb. Most states require you to be 65 or older, own and live in the home as your primary residence, and meet an income limit. Because these programs are run by counties and townships, you must apply locally, and some areas require annual renewal. Texas freezes school taxes at 65, while Illinois offers an assessment freeze for qualifying seniors.
Who qualifies and how much can you save?
Qualification usually means being 65 or older, owning your primary residence, and falling under an income cap that ranges roughly from $25,000 to $65,000 depending on the state. Savings grow over time: the longer values rise while your bill stays frozen, the more you keep. A senior in a fast-appreciating market can save hundreds to thousands of dollars a year. That freed-up money can go toward Medicare premiums and supplemental coverage. Call 1-800-MEDIGAP (1-800-633-4427) to learn how property tax savings can help you afford better health coverage.