55 yrs+ & own house for 10 yrs don't have to pay current property tax rate?
Answer:
That exemption only applies to your primary residence. In SC you have to be 65 to qualify.
You should be able to find that info on the website for the county property appraiser in the county the house is in.
They will avoid any Capital Gains Tax, since they lived in the previous home for so long, but counties vary in their property tax regulations even within a state. Some will tax based on the purchase price, others (like where I live) appraise the property every 5 years.
I can't think of any circumstance where a home that has been purchased would be taxed based on the previous home. Check the county website for property tax info.
Don't know about California, but not true in Illinois.
You'll have to check with your local taxing authority, but in Texas the over 55 exemption only applies to your primary residence.
Rick Lanicek
www.primelendingonline.com
I am almost 100% that this is not true. I do know that if you purchase your home from a relative that you can keep there tax rate. (My parents purchased there first home from my grandparents and we got there tax rate). The purchased a second home and the taxes are quite high. My father is over 55. They did not receive any type of tax break for that. Sounds like a rumor to me. Check it out but I really dont think so.
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