At What Age Do You Stop Paying Property Taxes in Oregon?

Have you ever wondered when you will finally bid adieu to the burden of paying property taxes? Don’t worry. I found that out for you.

In Oregon, there is no definitive age at which property taxes stop. However, certain disabled and senior homeowners and disabled veterans or surviving spouses may qualify for age-related property tax exemptions and deferral programs. These programs, such as the Disabled Veteran or Surviving Spouse Property Tax Exemption and Property Tax Deferral for Disabled and Senior Homeowners, can help relieve the burden of paying property taxes.

In this blog, I’ll explore ways to say goodbye to burdening property taxes in Oregon. Let’s get started!

Ways for Seniors to Wave Goodbye to Property Taxes in Oregon

There is no magical age at which property taxes disappear in Oregon. But fear not. There are a few programs that can help you cutoff taxes and relieve financial stress. But wait. These are only for those who qualify. 

The two programs are:

• Property Tax Exemption for Disabled Veteran or Surviving Spouse
• Property Tax Deferral for Disabled and Senior Homeowners 

1. Property Tax Exemption for Disabled Veteran or Surviving Spouse 

The Disabled Veteran or Surviving Spouse Property Tax Exemption is the answer to your concern. It provides a tax exemption to certain disabled veterans or their surviving spouses. 

Let’s discover the ins and outs of this property tax exemption program.

Eligibility Requirements

Curious about whether you meet the criteria? Check the following requirements:

• Be a veteran rated as 40% or more disabled due to a service-related injury or illness
• Be a surviving spouse who has not remarried
• You should also receive benefits from the veteran’s service-related injury or illness
• Own and occupy a primary residence in Oregon

2. Property Tax Deferral for Disabled and Senior Homeowners

Property taxes can weigh down on you in your golden years. Especially if you live on a fixed income. But there exists a wonderful property tax deferral program. This program allows eligible seniors to defer their property taxes. It is also meant for disabled individuals. With interest. Until they sell or transfer their property. Now isn’t that a blessing?

Note that the deferral program does not forgive property taxes. It only postpones the payment.

Eligibility Requirements

Do you want to hop on the property tax deferral program bandwagon? Then make sure you tick off these boxes:

• Be at least 62 years old or have a disability
• Own and live in the property as their primary residence for at least one year
• Have a combined household income of $60,000 or less
• Have at least 50% equity in their home
• Have a current homeowner’s insurance policy

Benefits and Limitations of Property Tax Exemption for Disabled Veteran or Surviving Spouse 

The Disabled Veteran or Surviving Spouse Property Tax Exemption can provide a bounty of benefits to those who are eligible:

• It provides a complete exemption from property taxes on a veteran’s primary residence in Oregon.
• Eligible surviving spouses also qualify for this exemption. 

But do keep in mind that there be some limitations, such as:

• The exemption only applies to the veteran or surviving spouse’s primary residence.
• The exemption does not apply to the veteran or surviving spouse’s additional properties.
• The exemption only applies to the property taxes assessed by the county. 
• It does not apply to any other taxes or fees.

Application and Renewal Process for Property Tax Exemption for Disabled Veteran or Surviving Spouse 

Application

Are you a disabled veteran or a surviving spouse looking to apply for a property tax exemption? Fear not. The process is simple! You just need to get hold of the application form from the assessor’s office or their website. Fill it out. And attach the necessary documents to prove your eligibility. Then, submit it to the county assessor’s office.

Renewal 

To renew the exemption, you just need to fill out a renewal form. Provide any relevant updates. And send it to the county assessor’s office. The assessor’s office will then review your application. And then, it will decide if you’re eligible for another year of tax exemption. So, keep those forms coming. And keep those taxes at bay!

It’s worth considering applying for this program. After all, it will lessen the weight of property taxes.

Benefits and Limitations of Property Tax Deferral for Disabled and Senior Homeowners

If you’re eligible for the property tax deferral program, a world of benefits awaits you. For instance:

• Deferring property taxes, with interest. Until the property is sold or transferred.
• Allowing homeowners to stay in their homes. Also, relieving the financial burden of property taxes.
• Protecting homeowners from foreclosure due to unpaid property taxes.

This program does come with a few little hiccups. And you need to be aware of them. Here are the not-so-fun limitations you’ll need to keep in mind:

• The deferred taxes accrue interest. This can result in a larger payment when the property is sold or transferred.
• The deferral program does not forgive property taxes. It only postpones the payment.
• The program does not apply to taxes on rental or commercial properties.

Application and Renewal Process for Property Tax Deferral for Disabled and Senior Homeowners

Application

If eligible, you must fill out an application. And send it to the Oregon Department of Revenue. Don’t forget to attach the supporting documents. Be sure to do this by April 15th of the year after your deferring tax year!

Renewal 

You need to renew your application every year. Don’t forget to submit the renewal form by April 15th. The Oregon Department of Revenue will check your eligibility before giving you the green light.

But before you jump in, make sure you understand the ins and outs. These include eligibility, benefits, limitations, applications, and renewals. 

Final Thoughts

So, there you have it! It looks like, in Oregon, property taxes don’t have an age cutoff for elimination. 

But you don’t need to wave goodbye to your hard-earned savings for property taxes. If you’re a senior homeowner, a disabled veteran, or a surviving spouse, you still might be able to get some sweet age-related property tax exemptions and deferral programs. 

With these programs, you can reduce or defer your property taxes. And enjoy your golden years without financial stress. 

Just remember to keep up with the application and renewal processes. And you’ll be well on your way to financial relief from property taxes in Oregon. Happy saving!

Frequently Asked Questions