Tax cutting options for low-income homeowners

With property taxes rising an average of 17 percent for 2018 bills in King County, the City of Redmond is reminding residents of two tax exemptions for seniors and disabled residents.

According to a Redmond press release, residents may qualify for a tax reduction or exemption from the county assessor’s office if:

  • the person has a total annual income of $40,000 or less including social security
  • own or occupy a house, mobile home, condo or co-op as principle residence as of Dec. 31 of 2017
  • are 61 years or older
  • retired due to a physical disability
  • are a widow or widower at least 57 years old whose spouse had an exemption at the time of death

For the disabled or seniors to qualify for a deferral they must:

  • have a combined disposable income of $45,000 or less
  • own or occupy a house, mobile home, condo or co-op as the main residence as of Dec. 31 of 2017
  • be at least 60 years older retired because of a disability

To apply for a deduction or deferral, visit www.kingcounty.gov and click on Departments, Assessor, Common Questions then Seniors.

A bill that passed the Washington state Senate could offer more relief if approved by the House of Representatives.

The bill changes income exemption limits on three thresholds.

It raises the amount a homeowner can make from $30,000 annually to 45 percent of the county median household income (CMI), the second raises the amount from $35,000 annually to 55 percent of the CMI and finally the third threshold raises the income bracket from $40,000 annually to 65 percent of the CMI.

For more information, visit: http://lawfilesext.leg.wa.gov/biennium/2017-18/Pdf/Bill%20Reports/Senate/6251-S%20SBR%20APS%2018.pdf