Homestead Act For Seniors In Arizona
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The Basic Rules. The homestead exemption is available to any adult (18 or over) who resides within the state. Only one homestead may be held by a married couple or a single person. The value of the homestead refers to the equity of a single person or married couple.
Qualifications. Age: At least one property owner must be the minimum qualifying age of 65 at the time of application. Residence: The property must be the owner(s) primary residence. A "primary" residence is that residence which is occupied by the property owner(s) for an aggregate of nine months of the calendar year.
Retirees aged 65 or older are eligible for a higher standard deduction. For the 2024 tax year, this amounts to an additional $1,550 for married individuals filing jointly or separately and $1,950 for single or head of household filers.
Often, if you're 65 or older, you'll be able to reduce your property tax bill not only on a house but mobile and manufactured homes, houseboats, townhomes, iniums and so on. You will have to apply: You typically need to apply for a senior freeze.
If you choose not to itemize on your Arizona tax return, you can claim the Arizona standard deduction, which is $14,600 for single filers and $29,200 for joint filers for tax year 2024 (filed in 2025). Each of these match the federal standard deduction.
There is no inheritance tax in Arizona. If you have a loved one who lives in another state, however, you should check the local laws. Pennsylvania, for instance, as an inheritance tax that can apply to out-of-state heirs. Arizona also has no gift tax.
Age 65 or older Single or HOH gets an additional $1,950 standard deduction ($1,850 for 2023); $1,550 each age 65 for MFJ, MFS or QW ($1,500 for 2023).
Arizona also allows exemptions for the following: The taxpayer or their spouse is blind. The taxpayer or their spouse is 65 years old or older.
