Property taxes can make up a major part of your retirement budget. These taxes pay for a wide range of local services, from schools to police and fire departments, as well as local government. Across the country, they vary widely from state to state. Property taxes can be levied at all levels of government from the state to counties and municipalities. It occurs mostly at the local level.
USA TODAY has surveyed the country to determine which states have the highest median property taxes, with the research going as far down as the county level. Not surprisingly, the five highest levels of property taxation occur in the Northeast:
- New Jersey
- Connecticut
- New York
- New Hampshire
- Massachusetts
Property taxes are based the assessed value of the property and the structures on it. The typical homeowner pays 1.02 percent of the home’s value in taxes. Research shows that between 2019 and 2023, the median property value increased by 25 percent. So, seniors who’ve been in their homes for a long time have seen their property tax bill increase significantly while their income has declined.
You Deserve the Money You’re Entitled To
Seniors need additional retirement income to cope with property tax bills. That’s just one reason why here at Council of Seniors, we’re dedicated to getting Congress to pass The SAVE Benefits Act. The Social Security cost-of-living adjustment (COLA) hasn’t kept up with inflation in recent years, and the amount of $581 was withheld from seniors. We believe it’s high time for this money to be returned.
Signing our petition puts you on board with the growing number of Americans seeking action. Congress needs a wake-up call about the urgency of passing this legislation.
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