Question

Does an elderly retired couple with no children have the same responsibility to pay property taxes as a middle aged couple with three kids in the public school system

Answer 1

Answer:

They have to pay property tax, but the amount would be lower than middle age couple

Explanation:

Most states prepare a certain amount of Exemption for retired people's property tax. The amount will be different between each states, and the majority of states allow the exemption only for elderly who are 65 years old and above.

For example, if that elderly live in new york, they will receive 50% exemption from their property value. If they live in Houston, they'd have a fixed $160,000 exemption plus additional 20% of their property value.