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Is it true that once I become 65 years of age, I will not have to pay any more taxes?

No, that is not necessarily true. The year you turn 65 you may receive the Over 65 Exemption in addition to the General Residential Homestead Exemption. The amount of the exemptions that are granted by each taxing entity is subtracted from the appraised value of your residence and the taxes are calculated on that "lower value".