Home Foreclosures: UTAH
Utah Code Ann. §§ 57-28-101 to 57-28-305 (West) (Reverse Mortgage Act)
Definition and Scope
Utah Code Ann. §§ 57-28-101 to 57-28-305 (West) (Reverse Mortgage Act)
Definition and Scope
Vt. Stat. Ann. tit. 8, §§ 10701 to 10704; Vt. Stat. Ann. tit. 12, §§ 4631 to 4637
Definition and Scope
V.I. Code Ann. tit. 28, § 1032 (future advances)
Definition and Scope
There is no explicit definition of “reverse mortgage.”
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
Va. Code Ann. § 6.2-881
Definition and Scope
There is no explicit definition of “reverse mortgage.”
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
Cooling Off Period: No applicable law.
Wash. Rev. Code §§ 31.04.500 to 31.04.540 (Reverse Mortgage Act)
Definition and Scope
W. Va. Code §§ 47-24-1 to 47-24-8 (Reverse Mortgage Enabling Act)
Definition and Scope
Reverse mortgage is a nonrecourse loan secured by real property which provides cash advances to a borrower based on the equity in a borrower’s owner-occupied principal residence, and requires no payment of principal or interest until the entire loan becomes due and payable. § 47-24-3.
Origination
Wis. Stat. § 138.058
Definition and Scope
Wyo. Stat. Ann. § 42-2-405
Definition and Scope
There is no explicit definition of “reverse mortgage.”
Origination
Authorized Lenders: No applicable law.
Disclosures: No applicable law.
Application and Approval: No applicable law.
Cooling Off Period: No applicable law.
Every state has enacted special property tax abatement schemes or exemptions which relieve at least some taxpayers of a portion of their property tax liability by virtue of age, disability, income level, or personal status. All states have approved tax relief for older homeowners, and some states extend this relief to older renters as well. The abatements provided by these programs can be significant, and should be thoroughly explored for every homeowner. Their benefits are not automatic, however.
Ala. Code §§ 40-9-1 to 40-9-39
Elder and Disabled Exemption: The principal residence, plus up to 160 acres adjacent thereto, of any resident who is retired due to permanent and total disability or who is sixty-five or older, provided net income of person claiming exemption and that of spouse is $12,000 or less, is exempt from local property taxes. § 40-9-21.
Alaska Stat. §§ 29.45.030, 29.45.040, 09.38.010
Elder and Disabled Veterans Exemption: The principal residence of a resident sixty-five or older, a disabled person, or a resident at least sixty years old who is the widow or widower of either is exempt from local property taxes on the first $150,000 of the assessed value of the real property. § 29.45.030(e). By ordinance approved by the voters, a municipality may exempt from taxation the assessed value of such property exceeding $150,000. § 29.45.050(i).
Ariz. Rev. Stat. Ann. §§ 42-11111, 42-17301 to 42-17313, 43-1072
Elder: Residents who are at least sixty-five, have a sufficiently low-income, and paid property taxes or rent, are entitled to an income tax credit. § 43-1072. Property tax deferral is available for residents who are at least seventy, are low-income, own no other real property, meet certain residency requirements, and whose home is valued at not more than $150,000. §§ 42-17301 to 42-17313.
Ark. Code Ann. §§ 26-3-306
Cal. Const. art. XIII, § 3(k); Cal. Rev. & Tax. Code §§ 205.1, 205.5, 218, 20501 to 20564, 20581 to 20622 (West)
Homestead: $7000 of the full value of a resident’s principal residence is exempt from taxation. Cal. Const. art. XIII, § 3(k); Cal. Rev. & Tax. Code § 218.
Colo. Rev. Stat. §§ 39-31-101 to 39-31-104, 39-3.5-101 to 39-3.5-119, 39-3.7-101 to 39-3.7-102
Conn. Gen. Stat. §§ 12-1 to 12-170dd
Del. Code Ann. tit. 9, §§ 8131 to 8141, 8363
Elder: Elder (sixty-five and over) homeowners with income of not more than $3000 per year are entitled to an exemption from taxation of $5000 of assessed value. (Note: statute states it does not apply to property taxes levied by a municipality.) This exemption also provides relief from mobile home taxes.
D.C. Code §§ 47-849 to 47-850.04, 47-863
General: For single family residential property and property with not more than five dwelling units, which includes the principal dwelling place of the owner, $64,000 (increased annually based on cost-of-living adjustments) ($67,500 as of October 1, 2012) is deducted from the estimated market value in calculating tax. § 47-850(a).
Fla. Stat. §§ 196.001 to 196.32
Homesteads: Homesteads exempted from all taxation up to a certain amount in assessed value. § 196.031(1)(a). Additional exemption available under § 196.031(1)(b), (7). Residents eligible for homestead exemptions may also be eligible to defer property taxes on their residence. §§ 197.2421 to 197.252.
Elder: Amount of assessed value eligible for homestead exemption expanded for residents sixty-five or older. §§ 196.031, 196.075.
Ga. Code Ann. §§ 48-5-40 to 48-5-56
Homestead: Homestead exemption allowed up to $2000 in assessed value. § 48-5-44.
Elder: There are a number of provisions for homestead exemptions for elders (§§ 48-5-47, 48-5-47.1, 48-5-48.3 (effective Jan. 1, 2007), 48-5-52), as well as deferrals. §§ 48-5-72, 48-5-72.1.
Disabled: Homestead exemptions for qualified disabled veterans and the unremarried surviving spouse or minor children of disabled veterans. § 48-5-48.
Guam Code Ann. tit. 11, §§ 24110, 24402 to 24404
Elder: Elder persons (fifty-five years or older) receive 80% abatement of tax on principal residence owned for five consecutive years or more. Property valuation frozen at amount assessed in first year of eligibility. §§ 24110, 24113.
Haw. Rev. Stat. § 235-55.7
General: Real property taxation is done by the several counties. See 2016 Hawaii Laws, Act 52, section 7, which repealed Chapter 246.
Miscellaneous: Eligible low-income renters are eligible for an income tax credit. § 235-55.7.
Idaho Code §§ 63-602AA, 63-602G, 63-701; §§ 55-1001, 55-1003
Homestead: The dwelling house or mobile home in which the owner resides or intends to reside, or unimproved land regardless of size and owned with the intent of placing such a residence thereon, is exempt from taxation but the exemption amount shall not exceed $175,000. §§ 55-1001, 55-1003.
35 Ill. Comp. Stat. §§ 200/15-165 to 200/15-185; 320 Ill. Comp. Stat. §§ 25/1 to 25/13, 30/1 to 30/8
Ind. Code §§ 6-1.1-12-1 to 6-1.1-12-42
Homestead: Eligible for standard deduction from assessed value equal to lesser of $45,000 or 60% of assessed value of real property, mobile home, or manufactured home. Only one standard deduction per homestead, even if more than one person is entitled to claim the property as homestead. The homestead continues if property is leased while claimant is absent serving in the military, provided claimant has lived in the property within the past ten years. § 6-1.1-12-37.