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.
If Utah does not provide property tax relief to this population, older Utahns across our state will continue to worry that their property tax bill will be larger than what they can afford, and they might be forced out of their homes and communities.
The earning potential for an individual in the middle of their career is much different than that of a retiree. Income drops and becomes fixed instead of steadily increasing. This leads to homeowners who are “house rich” and “cash poor” — in a home, but unable to afford the rising taxes that are annually owed.
The Utah Legislature is considering two bills this session to address this issue.
