The financial burden of rising property taxes is increasingly difficult for U.S. seniors, as nearly 40% rely solely on Social Security. This limitation forces hard choices, like sacrificing essentials to afford taxes or selling homes. Property tax burdens vary significantly based on local policies and can sometimes equal or exceed Social Security payouts. Experts like Colton Pace emphasize the importance of understanding property taxes and seeking potential exemptions, which could alleviate some of the financial strain on aging homeowners.
Property taxes are sort of a beautiful tax, the value of your home going up is great, but it also means your property tax bill is probably going to go up.
For millions of U.S. seniors, aging in place is becoming financially impossible as the cost of living climbs alongside home values.
Despite being designed as a supplement, Social Security has become the sole source of income for nearly 40% of older Americans.
It's important for older Americans to be educated on where they can reduce their expenses, especially concerning property taxes.
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