If the 5.9% Social Security increase isn’t enough to help you pay the skyrocketing property taxes, tap into these exemptions and relief programs.
Whether the hot housing market is cooling — as some real-estate analysts have speculated — or not, millions of homeowners have already been burned by the property-tax spikes that accompanied their skyrocketing home values. What should you do if you can no longer afford your property taxes?
“Here in Cuyahoga County, property taxes have gone up, on average, 16%,” Billnitzer said. “Older adults, many already struggling to make ends meet as it was, are now facing these kinds of steep tax increases and finding it much harder to afford aging in their home.” “HUD-approved agencies are required to have individually HUD-certified counselors,” Smith said. She advised steering clear of mortgage counselors not approved by HUD because they “won’t have the same level of credentials” and “might have motives that are dubious at best.”
A HUD-approved counselor also will know about any new or emerging programs aimed at property-tax relief. And the counselor can help clients see whether they qualify to apply for other home-related savings, such as financial assistance on energy bills. Don’t miss: So much of retirement planning is wishful thinking — what I’ve learned after 3 years of actually being retired
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