Are your finances feeling strained by skyrocketing property taxes?
Are you at risk of losing your family home because of astronomical tax jumps?
Are you having to choose between paying your property taxes or your medical bills?
Sadly, many older Utahns are emphatically answering “yes” to all of these questions. In the last few years, hikes in property taxes are putting one of the state’s most vulnerable populations at risk of losing their homes.
With much of the senior population relying on a fixed income from Social Security, the feat of keeping up with high property taxes becomes nearly impossible without them scaling back on other necessities like healthcare, groceries, or utilities.
Even after scaling back, having the financial means to keep up with property taxes still may not be possible. A senior choosing between what could potentially be lifesaving healthcare or staying in their home is not a choice they should face.
This should be devastating to think about. This population’s homes should be affordable to keep. These homes not only provide necessary shelter to these individuals but are also often filled with happy memories such as raising their kids and hosting holiday gatherings.
For this population, it is a relief to know that Utah’s state legislature is taking steps to curtail the negative impact of rising property taxes.
Senate Bill 25, sponsored by Senator Lincoln Fillmore, is set to become law in Utah. This legislation directly tackles this issue by creating a property tax deferment program for older Utahns across the state.
This bill would allow homeowners, over the age of 75, with an income of less than $65,000 a year, to apply to forgo the payment of property tax until the sale of their home or a transfer of ownership takes place.
We are excited for the establishment of this program and applaud Senator Fillmore for taking the necessary actions to ensure this population does not face housing insecurity.