Senior or disabled exemptions and deferrals - King County, Washington (2024)

FAQs

Senior or disabled exemptions and deferrals - King County, Washington? ›

If you wish to have property tax payments deferred

The claimant must have combined disposable income of $67,411 or less as defined for the senior citizen exemption in RCW 84.36. 383 and must be at least 60 years old at time of filing or retired because of disability.

If you wish to have property tax payments deferred

The claimant must have combined disposable income of $67,411 or less as defined for the senior citizen exemption in RCW 84.36. 383 and must be at least 60 years old at time of filing or retired because of disability.

If you are a senior citizen or disabled with your primary residence in Washington State, there are two programs that may help you pay your property taxes and/or special assessments. Your household income and your age or disability determine your eligibility for both programs.

Disabled Veteran Property Tax Exemption: Veterans with a 100% disability rating and an income of less than $40,000 (not including VA disability payment) may be exempt from paying property tax on their home. Surviving spouses may also qualify.

Qualifying Activity:

Own home in Washington for five years; occupy as a primary residence; have combined disposable income of $57,000 or less; and have enough equity to secure the interest of the State of Washington in the property.

The standard deduction for seniors this year is actually the 2022 amount, filed by April 2023. For the 2022 tax year, seniors filing single or married filing separately get a standard deduction of $14,700. For those who are married and filing jointly, the standard deduction for 65 and older is $25,900.

State law provides two tax benefit programs for senior citizens and the disabled: property tax exemptions and property tax deferrals. Yet more than 26,000 qualified seniors and disabled persons have yet to register for the exemption, and only 1 in 100 of those eligible for deferrals are currently enrolled.

By December 31 of the assessment year, you must be any of the following: At least 61 years of age. At least 57 years of age and the surviving spouse or domestic partner of a person who was an exemption participant at the time of their death. Unable to work because of a disability.

Whether you're 65 or 95, seniors must pay capital gains tax where it's due. This can be on the sale of real estate or other investments that have increased in value over their original purchase price, which is known as the 'tax basis'.

Seniors can earn more income than younger workers before submitting a tax return. People age 65 and older can earn a gross income of up to $15,700 before they are required to file a 2023 tax return, which is $1,850 more than younger workers.

Which states have no property tax for 100 disabled veterans? ›

Washington State Disabled Veteran Property Tax Reduction: Washington offers a property tax reduction for eligible disabled Veterans. Veterans receive a reduction in the amount of property taxes due based on their income, the value of the residence, and local levy rates.

As of 2022, under the federal exemption the homestead exemption for someone's primary residence is $27,900 in equity if filing alone and $55,800 in equity if filing married together.

Washington Estate Tax Exemption

The threshold for the estate tax in Washington is $2.193 million as of 2024. So if a person's estate is equal to less than $2.193 million, then it won't be taxed by Washington state upon the person's death.

Your deduction for state and local income, sales, and property taxes is limited to a combined total deduction. The limit is $10,000 - $5,000 if married filing separately.

Under the new income tax regime, income between 0 to Rs 3 lakh is exempted from tax. Hence, no tax will be payable on this income. Above this, the income left which is still chargeable to tax is Rs 15 lakh (Rs 18 lakh minus Rs 3 lakh). The next income tax slab is above Rs 3 lakh and up to Rs 6 lakh.

Passage of this proposition will reauthorize the property tax levy rate of $1.50 per $1,000 of assessed valuation for collection in 2024, coupled with annual increases of up to 6% in each of the five subsequent years.

2024 PROPERTY TAX HIGHLIGHTS. Overall taxes for the 2024 tax year are $7.6 billion, an increase of approx. $369 million or 5.1% from the previous year of $7.2 billion.

An individual's property tax bill may go up more or less, but the county total is limited to 1% a year. Not included in these totals are voter-approved levies, which have become an increasingly used way to raise local revenues without running afoul of the 1% cap.