Does the school tax ceiling transfer when a person who is age 65 or older or is disabled or is the surviving spouse (age 55 or older) of the individual moves to another home?

A percentage of the school district tax ceiling may be transferred.

The ceiling on the new residence homestead would be calculated to give you the same percentage of tax paid as the ceiling on the original residence homestead. For example, if you currently have a tax ceiling of $100, but would pay $400 without the ceiling, the percentage of tax paid is 25 percent. If you move to another home and the taxes on the new residence homestead would normally be $1,000 in the first year, the new tax ceiling would be $250, or 25 percent of $1,000.

To transfer the school district…

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About this time last year we saw interest rates increase at a rate never seen before along with a dramatic increase in the number of homes on the market. As a result, buyer demand dropped off the cliff which caused prices to fall around here almost as much as anywhere in the country. Of course, our prices had gone up so much we had farther to fall.

Many buyers, especially those influenced by social media predictions, held off buying thinking they could wait for prices to crash like in 2008.

Instead of seeing a 2008 crash, this spring has seen a resurgence in buyer demand. It appears buyers have gotten used to interest rates in the 6% range and have realize we aren’t going back to 3% rates any time soon and likely not forever.

In addition, we have…

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