Big tax win for senior home owners in the Central District
Ruby Holland explains the New Income Limit For Senior Housing Tax Relief
By Ruby Holland
When I arrived back home to Seattle 5 years ago the number one issue that had homeowners stressed out was high property taxes. It was killing them and threatening to have many move to cheaper locations.
It was especially hard on Seniors on a fixed income, many who could not qualify for the Senior Tax Exemption ( a Tax break which most cities have) which was set at $40,000. Anyone on Social Security and with a pension made slightly more than $40,000 per year thus was just barely knocked out of being able to get the property tax help.
Meanwhile all of the wealthy people moving to Seattle made the property taxes go higher and higher each year.
Enter John Wilson, King County Tax Assessor. In the fall of 2018 he gave a workshop to us CD homeowners at the Lutheran Church. He explained that people all over Seattle were coming to his office in tears because of their high taxes. He felt our pain. He said he was going to lobby the legislature to increase the income limit so that more people would qualify for the tax exemption, and he delivered!
The income limit for Seniors, Disabled, and Veterans will now be based on 65% of the area median income. Currently the new income limit for 2020 is $58,423., a huge increase. The increase will go up as the area median income goes up. This will help many King County homeowners stay in their homes.
You can apply for the Senior Tax Exemption starting January 2020. It will be based on your 2019 income. You must have a copy of your 2019 income tax return so do your taxes early, right after Christmas.
You can find more info from King County by clicking here.
Thank you John Wilson for help with our taxes. A powerful tool in our toolbox, for staying in our homes.