In real estate, a property tax deferment means a temporary delay in property tax payments for qualifying properties and homeowners. While there are other types of tax deferral options, property taxes come with their own set of rules and special terminology. Here are some key things to consider about property tax deferments:
Deferring your property taxes means putting off regular payments. While you don't have to pay your property taxes, a tax lien will be placed on the property and the unpaid amount will continue to gain interest. When the deferment period ends, the owed amount must be paid in full for the lien on the property to be removed.
Seniors and people with disabilities can often qualify for a property tax deferment from their local governments. As long as the qualified homeowner is using a property as a primary residence, they can defer taxes either until the end of their life or the sale of the property. Each state has different rules, so it's important to investigate what your individual opportunities might be for tax deferment.
Property taxes are a major expense for homeowners of any age, but can become a burden for those without regular income, either due to retirement or disability. Therefore, it can be beneficial to defer property taxes and lower regular expenses to preserve savings and income.
While the taxes must eventually be paid for the lien on the property to be removed, deferment can save qualified homeowners thousands of dollars. If you're interested in learning more about how tax deferment might apply to you, consider reaching out to a financial consultant or tax professional.
Hi, I'm Mary Clymer and I'd love to assist you. I've been a licensed Realtor in Michigan since 1997. I love my profession and strive to treat all my clients and fellow Realtors with respect, honesty and integrity. My greatest joy is to receive a second and third call from previous clients. It tells me I've made them very happy. Whether you are planning to buy or sell, that is my specialty.
I was born and raised in the Onsted area, as were my daughters and I truly care about our County and State. My family, office family and faith in God have been my rock. I am very proud to be an Associate Broker with Heart O The Hills Realty.
