Even though all baby boomers are incredibly wealthy some who own property will struggle to pay property taxes. Property owners in Ramsey county are facing an 11% increase in property taxes. There are also property tax refunds through the state but to get the refund the taxes have to be paid.
There is a deferred property tax program for seniors being offered by the state. The program caps property tax payments at 3% of the household income for people who are over 65, make less than $60,000 a year, and have lived in the home for at least 15 years.
The property taxes are deferred until the homeowner dies or the property is sold or if the homeowner withdraws from the program or if the property is no longer homestead. More information about the Senior Citizen Property Tax Deferral Program.