21 Ways to Cut Costs in Retirement

PROPERTY TAXES

Every state has some sort of property-tax benefit for seniors, although the eligibility age varies. Six states have programs that freeze property taxes completely for seniors, and 10 limit how much a property’s tax value can increase. Also, the homestead exemption can be larger when a homeowner reaches a certain age. (The larger the exemption, the lower the tax.) In Colorado, seniors 65 and older can exempt up to 50 percent of their residence’s first $200,000 in value.

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