Overview:  Real Estate Agents have clients that are nearing or over the age of 65 and/or Veterans. We will review how they can move their exemption to another property.

Over 65 Exemptions:

The client has the following options to pay their taxes:

1) Take the exemption and pay their taxes

2) Defer and pay when the property sells

3) Pay the taxes on a payment plan

*Always consult the tax office for payment options.

Benefits to Over 65 and Veterans:

  • If the home owner is selling their property, they have the option to take their Over 65 or Veterans Exemption with them to the next property they purchase.
  • The client can also choose take the exemption at any time of the year

What every real estate agent should know:

Know ‘where your client is going’.

  • What are their plans over the next 12 months?
  • Will they be downsizing?
  • Moving out of the state?
  • Moving into a State Funded Assisted Living Facility?

If the client is Over 65 or a Veteran, these exemptions can be moved at any time. However, a Homestead Exemption alone can only be initiated in January at the beginning of a new year.

If the client decides to take their Over 65 or their Veterans exemption to another property; the proration of the taxes will be adjusted at closing.

Helpful County resources:

http://www.traviscountytax.org/goPropertiesTaxBreaks.do

http://www.wilco.org/CountyDepartments/TaxAssessorCollector/PropertyTaxDivision/PropertyOver65/tabid/2404/language/en-US/Default.aspx#Over_65

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