Yes, in many locations around the United States, property taxes are reduced for older homeowners. If you reach a certain age (e.g., 65) and own a home, whether you are still working or not, be sure to take advantage of government programs designed to reduce property tax bills. One type of program is called a "Homestead Exemption," which lowers the assessed value of property that is subject to taxation. In other words, a designated amount of property value (e.g., $25,000) is exempt from taxes. Another type of tax reduction program for older homeowners is homestead tax credit programs that provide rebates or property tax deductions (e.g., a rebate or deduction of $100 or $250 from the amount that would otherwise be due).
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