Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

Editor:
Published: Jun 27, 2023 4 min read
Photo Collage of a Senior couple standing
Money; Getty Images

Property taxes can be a serious burden on seniors who own homes and aren’t earning as much income, but a number of states are working to lower the bills for older residents — sometimes by thousands of dollars.

New Jersey, where homeowners pay the highest property taxes in the nation, just became the latest state to announce a tax break for homeowners 65 and older. It won’t take full effect until 2026, but Gov. Phil Murphy announced a deal last week to cut property taxes for eligible homeowners by up to $6,500.

Other states including Iowa and Washington have added or increased property tax breaks for seniors in recent months.