One of the greatest joys of my profession as a HECM Reverse Mortgage Expert is to inform my client that they may qualify for their local county's Real Estate Tax Relief Program.

This usually occurs during my visit with a client in their home as we sit around the kitchen table with coffee in hand to discuss retirement financial issues. This is the time when I am inquiring about a broad range of senior lifestyle issues such as available home equity and investment assets, healthcare scenarios, long-term care insurance coverage, status of existing wills and estate planning documents.

And then, following my preliminary review, I say something like “Are you aware that you likely qualify for Real Estate Tax Relief!?”

Gasp!

Life Just Happened

I love what I do! I love it because there are many cases in which the retiree is completely overwhelmed by the implications that have arisen from an underfunded and ill-prepared retirement plan. And, I can help them. Now, in their senior years, my clients may be scrambling to find a way to fund even a minimal lifestyle; one that he or she has regretfully learned to accept.

I must say, however, that one thing I have learned from all of my kitchen table discussions is that in No Case was the No Plan the Plan!

Life just happened…and time passed by.

Criteria to Eliminate Real Estate Taxes

Then I lay it out…”In Loudoun County VA there is a special program which will enable certain persons to eliminate Real Estate Taxes altogether. Let’s look at the qualifications.” This is when I show the client the Loudoun County Tax Relief criteria based on the following general principles:

  • The individual homeowner, or at least one of the spouses, must be at least age 65 or totally and permanently disabled.
  • The home must be occupied as the sole residential dwelling.
  • The gross combined income of all persons living in the home may not exceed $72,000
  • Maximum Financial Net Worth may not exceed $440,000, EXCLUDING the value of the home and the lot, up to 10 acres.
  • The Bottom Line

    If the family meets the county’s current qualification criteria, then their Real Estate Taxes can be completely eliminated or, in some cases, modified under an established tier system. Just think of the annual cash flow increases that will benefit the retiree over the course of each year!

    It’s usually at this point in the conversation that the tears begin to flow…including mine.

    Look at Your County’s Tax Relief Programs

    Almost every county in Virginia has such a program in place, although the programs vary between total relief and tiered-relief offerings. You may want to visit the following Northern Virginia sites for specific details relating to each county’s Tax Relief program.

    City of Alexandria
    Arlington County
    Fairfax County
    Fauquier County
    Frederick County
    Loudoun County
    Prince William County

    Tax Relief Programs Can Include Relief for Personal Property Taxes, too!

    I always express the phrase that “Knowledge is Power” and knowledge such as this is what can set you apart from your competitors. It is usually the little things, the tiny bits of knowledge that provide you with the unexpected and the heart-warming opportunity to help someone better manage their financial affairs.

    Visit your local county’s web site and look under Real Estate Taxes – Senior Tax Relief to learn more.

    I hope you will help someone today by informing them of the potential to eliminate their Real Estate Taxes. You are going to feel so good!

    Tell them Bill sent you...