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Seniors can have their homestead assessed value "frozen" at the next assessment date after reaching age 65. California exempts the first $7,000 of residential homestead from property taxes. Colorado allows a 50% deduction for up to the first $200,000 (equivalent to a $100,000 exemption if the property is valued at $200,000 or above) for seniors ...
Meanwhile, the Senate wants to lower school property taxes and increase the state’s $40,000 homestead exemption. Texas residents older than 65 can qualify for an additional $10,000.
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Ballot Measure 47 was an initiative in the U.S. state of Oregon that passed in 1996, affecting the assessment of property taxes and instituting a double majority provision for tax legislation. Measure 50 was a revised version of the law, which also passed, after being referred to the voters by the 1997 state legislature.
Florida law Sections 201.02 and 201.031 authorizes counties to levy the surtax on documents that transfer interest on real property, with an exemption for single-family residences. Since the program's inception, the Trust has assisted more than 7,000 first-time homeowners with low-interest second mortgages, helped construct 15,000 units of ...
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In Florida, this is correct but only for purchase of another Florida homestead property, and for a limited time. If you don't sink the proceeds into a new homestead within a 'reasonable' time, the proceeds lose homestead exemption status. I don't know what the law might be in any other states. bd2412 T 18:54, 15 December 2006 (UTC)
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