My county has an ~ 70% reduction in property taxes once one becomes 65. They drop all school related taxes. I am 59 now so want to include the full amount now but would like the projections to account for that drop. All I see now and a +/-10 inflation adjustment on property tax. Is there a way to accomplish my goal?
Mark,
If you'll look in the 'Other Costs of Ownership Table" on the Property Expenses page you'll find a column where you can specify the "Change in Property Tax Rates After Age 65".
Stuart
Perfect - Thank you and sorry for not digging deep enough before posting!
Best regards, Mark
I know this is a very old thread, but I have the same question and unless I'm particularly dense (probably am! Ask my wife!) I'm still not seeing a solution to what Mark was asking about.
My county removes school taxes at age 62 (really Jan 1 of the year after you turn 62.) As with Mark, these are about approx. 65% of the total tax bill (e.g. from $9,760 to $3,725.) In the "Other Costs of Ownership Table," the "Change in Property Tax Rates after age 65" only allows a value of 10% to -10%. I'm not seeing another column where I can indicate a 65% reduction in property tax, or enter a new tax value triggered on a date.
Should I just remove the School Tax portion from the Actual or Expected Property Taxes, and enter that as Phased expense with an end date on turning 62 years old?
Or is there a better way?
Thank you.
Todd
@tcbarney Todd, I don't think you're dense. The tool has the capability to prevent property taxes from increasing after age 65 but that doesn't include the ability for a permanent reduction like you're seeking. We'll entertain that as a future enhancement but for now your suggestion of moving the school taxes over to the phased expense page is probably a good alternative.
Stuart
Thank you. I actually ended up doing it as a Miscellaneous expense so that I could mark it as tax deductible.
