Tom is a 72-year-old homeowner in Pierce County, Washington. His household income is below the threshold established by the state, and he has owned and occupied his home as his primary residence for the past 15 years. A real estate broker mentions that Tom may qualify for a special property tax benefit. Which Washington State program is the broker most likely referring to?
Correct Answer
B) The Senior Citizen and Disabled Persons Property Tax Exemption program under RCW 84.36.381
Washington's Senior Citizen and Disabled Persons Property Tax Exemption (RCW 84.36.381) provides property tax relief to qualifying seniors (age 61 or older) and disabled persons who meet income thresholds and who own and occupy their home as a primary residence. Eligible applicants receive a reduction in assessed value and/or a freeze on the taxable value. Tom meets the age and residency requirements, making this the program the broker is referencing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
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