Planning for Life

Senior Tax Breaks: Boon or Ticking Bomb?

Posted by Harry S. Margolis on July 23, 2019

By Harry S. Margolis
Margolis-Bloom-real-eastate-tax-break

As in many states, towns in Massachusetts may allow low-income seniors to defer real estate taxes until their homes are sold or after they die. The towns may charge interest of up to 8% interest on these unpaid taxes, which can compound year after year. While some towns that offer this benefit charge no or low interest, three out of four charge the maximum of 8% per year. This can be a big surprise when the children ultimately inherits property that has been gutted in value.

That happened in a case reported last year in The Boston Globe.

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Topics: seniors, housing policy ,, real estate, senior tax deferral

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