In some states, qualified homeowners can use a property tax deferment to save on annual expenses. While deferring taxes usually refers to a period of delay in paying taxes on an item until a later date, property tax deferment comes with some additional important factors. Here is a quick guide about property tax deferrals:
Property tax deferment allows qualified homeowners to discontinue their real estate property taxes, as long as they remain qualified. While the taxes are deferred, there is a tax lien on the property. Interest will still accrue even if you're not making payments, and unpaid taxes will appear with a "delinquent" status on public records.
Specific qualifications vary by state, but senior citizens and homeowners with disabilities may qualify for a property tax deferment. However, the general rule only applies to the property serving as your primary residence. Therefore, if you qualify for a deferral but move to another home, taxes on the old property will resume. Check with your local government to find out what opportunities you have to delay your tax payments and what your responsibilities are as a new homeowner.
Tax deferrals do not last forever. If the deferral ends due to a home sale or inheritance, the tax collection will resume and require payment of the entire deferred amount. This amount would include interest accrued during the deferral period.
While property tax deferment can be a huge benefit to homeowners, the taxes still need to be paid eventually. Therefore, when considering a new home, it's crucial to investigate the tax situation to make the best financial choice.
Meet Kimberly Jokela:
With a genuine passion in people Kimberly loves helping her clients make their real estate dreams or needs come to life! Specializing in Luxury, Vacation, Retirement or Investment properties.
Born and raised in the midwest in a family with a strong work ethic, filled with creativity & dedication.
Her determination lead her to attend college at the "Philadelphia Performing Arts" where she had the opportunity to follow her passion in the Arts & to travel. Living in California with her husband Rick for 15 years together they built a successful business. After the birth of her beautiful daughter Brittany, seeking a "small town” coastal lifestyle, they took a trip to Naples Florida & fell in love with all it has to offer and made the jump!
With now over 17 years experience as a licensed Realtor serving Naples, Bonita Springs, Marco Island, Estero & Fort Myers.
A great listener, negotiator & connector, Kimberly is dedicated to helping her clients looking to BUY their ideal Florida property!
Her warm & friendly personality is present in everything she does on her clients behalf!
Kimberly’s creativity & "out of the box" thinking gives her clients the extra leverage they need when SELLING a property.
Her well organized marketing includes professionally produced photography, video, drone imagery, media presentation in print, numerous online websites & social media!