Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 05-03-2015, 08:10 AM   #21
Thinks s/he gets paid by the post
Rustic23's Avatar
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 3,425
Texas Over 65

"Over-65 Homestead Exemption
You may qualify for this exemption on the date you become age 65. You must submit proof of
age. Acceptable proof includes a copy of the front side of your driver's license or a copy of your
birth certificate. If you qualify for the Over-65 Exemption, there is a property tax “ceiling” that
automatically limits School taxes to the amount you paid in the year that you qualified for the
homestead and Over-65 exemption. A County, City or Junior College may also limit taxes for the
Over-65 Exemption if they adopt a tax ceiling. Tax ceiling amounts can increase if you add
improvements to your home (i.e., adding a garage, room or pool).
In addition, Over-65 homeowners who purchase or move into a different home in Texas may also
transfer the percentage of school taxes paid, based on the former home’s school tax ceiling.
This is commonly referred to as a Ceiling Transfer. To transfer your tax ceiling for the purposes
of County, City or Junior College District taxes, however, you must move to another home within
the same taxing unit. You must request a certificate from the Appraisal District for the former
home and take it to the Appraisal District for the new home, if it is in a different district. "

And there is Deferral.

"Over-65 Tax and Disabled Person Deferral
If you are a homeowner who qualifies for the Over-65 or the Disabled Persons exemption, you
may also defer or postpone paying any property taxes on your home for as long as you own and
live in it. Check with your appraisal district for information about how to apply for this
postponement. It is important to note that this deferral only postpones your taxes and does not
cancel them. It also accrues eight (8) percent interest annually until the deferral is removed. When
the property is sold or comes under the ownership of heirs, the taxes and accrued interest
becomes payable.
Note:If you have an existing mortgage on your residence, the tax deferral does not prevent your
mortgage company from paying delinquent taxes; a tax deferral applies only to the collection of
taxes. "

Several Texas Counties also have instituted a Ceiling. The one we live in does, however I think the number of counties that have done this is less than ten. I know of no cities that instituted it.

If it is after 5:00 when I post I reserve the right to disavow anything I posted.
Rustic23 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-03-2015, 08:51 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 13,019
Originally Posted by Bamaman View Post
While Texas doesn't have a state income tax, they do kill you on property taxes. And a 5% increase is a lot of money when property taxes are too high to begin with.

My buddy in North Dallas sold his house because his property taxes raised to $50K. A bare 75' x 220' lot up there goes $1.6 million.

We moved to Alabama because of their low property taxes. With 3500 square feet and 4 acre yard, our taxes would be just over $600. But my wife is disabled and we are excluded from paying property taxes.

After all, how often do you feel that your local politicians are good stewards of your tax dollars? This is something to consider when you are looking for some place to retire to.
LOL! Somehow my property taxes haven't been that bad. Perhaps because I don't live on a large expensive property or near the largest metropolitan areas.

Congrats on your move!

Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Poll:What is your Car Value to Home Value ratio bank5 FIRE and Money 112 03-26-2014 07:20 AM
Another House Thread fair value versus tax assessment value sheehs1 Other topics 15 10-08-2012 04:04 PM
IJS vs. VBR (iShares small value & Vanguard small value) Fttaw FIRE and Money 1 01-22-2007 04:10 PM
Value Risk and the Value Premium ESRBob FIRE and Money 7 12-08-2004 05:00 PM


All times are GMT -6. The time now is 07:04 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.