When was the last time someone told you something that totally blew your mind? If it’s been awhile, I just might have a bit of news about tax benefits for senior citizens that will do the trick.
Did you know that many Arizona renters pay property tax? If not, I just told you something that you didn’t know, but there’s more!
Did you know that many Arizona seniors can file for a refund of the property tax that they paid in the previous year? If not, I may have just blown your mind because there is a little-known property tax credit that many people don’t know they quality to receive. If that includes you, there’s a good chance that you have already passed up hundreds if not thousands of dollars that should rightfully be in your bank account.
Have I blown your mind yet? If you don’t want to keep more of your money or have no interest in filing two simple forms to earn hundreds of dollars, you can stop reading now. If you want to learn more about this money-making opportunity, keep reading.
Now that I’ve told you something that perhaps you didn’t know, let’s get into the details. If you will turn 65 or older in 2019 and you live in a rental property that is charged property tax, there’s a good chance that you’re paying at least part of that tax. Many renters assume that only property owners are assessed tax, but the State of Arizona allows landlords to pass some of the expense on to their tenants. That means you!
This property tax is added into your monthly rental fee, so you don’t have to pay it separately. In many cases, your lease will specify how much of your rent is made up of this tax. This will tell you how much you might get back, so just multiply that number by 12 months.
Unless you live in Flagstaff or Tucson, you are likely paying at least a little property tax each month. If you also meet the age and income qualifications, you can file for this tax credit. It’s called the Arizona Property Tax Refund Credit, and you must file to receive your refund each year. If you’re qualified, the state will send you a tax refund check for the amount of taxes that you paid in the previous year.
I want to stress that you must file for this tax refund every year. If you fail to file one year, there is no way to file later for a back tax refund. I created this website because I don’t want Arizona seniors to miss that deadline and give up money that rightfully belongs to them.
I have discussed the qualifications to receive a state property tax refund elsewhere on this site, but I will state again that you must live in a rental property that is assessed property tax for the full year. Your name must appear on the lease as a responsible party, and you must meet specific income guidelines to receive these tax benefits for senior citizens only.
It’s also important to note that you cannot file for this tax refund if you receive Section 8 or receive other housing subsidies. If you live in low-income housing or someone else is responsible for paying most or all of your rent, there’s a good chance that you won’t qualify to receive a refund for property taxes included in those rental payments.
The filing deadline for these tax benefits for senior citizens is typically April 15 of each year, which coincides with the deadline to file federal and state taxes. In 2018, the deadline was set to April 17, so it’s important to watch for updates from the state to make sure that you don’t miss your chance to get some of your property tax money back. I suggest you prepare your paperwork early and get it in the mail weeks ahead of the deadline, ensuring that you will receive your refund if qualified.
I know how difficult it is to file for the Property Tax Refund Credit without the guidance of someone who is familiar with the qualifications and processes. This is why I created this website to help you with these tax benefits for senior citizens like me. I’m here to guide other seniors in Arizona through the steps, giving valuable information that makes filing much easier and faster.
I was excited when I discovered this tax credit because I couldn’t afford to spend hundreds of dollars each year on someone else’s property. I know you’re probably excited to learn about this as well, so I can help you file for your property tax refund at the end of 2019. Maybe you don’t have to file earned income taxes anymore, but there are two forms that you will want to file this year to claim your refund. Also, keep in mind that each time your rent increases the tax you pay on rent also increases, but you can knock this increase down year-after-year by filing for a refund not later than the April 15 deadline.