The average U.S. homeowner pays approximately $3,119 to $4,427 annually in property taxes, with a national average effective tax rate of about 0.99% to 1.02% of a home’s assessed value. However, as home values continue to rise, tax bills often increase too. Seniors living on a fixed income often have trouble paying these property taxes without some kind of assistance. As a result, most states have something on the books to help alleviate some of the tax burden on older Americans.
Oregon and Minnesota both have property tax deferral programs that do just that. Unfortunately, these programs often go unnoticed because seniors aren’t properly educated on their options. Here’s what you need to know about what’s available in these two states.
