Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The benefit is a deferral of all property taxes due. The program is contingent upon adoption by municipal ordinance. Deferrals constitute a lien on the property with interest accruing at a rate of 0.5 percentage points on top of the rate approved by the county for delinquent taxes unless the municipality adopts a lower interest rate. Consult local taxing authorities to determine the availability of the deferral program and for applications and deadlines.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
To be eligible, the claimant must be 70 years of age or older and occupy the homestead as of 1 April. Additionally, the claimant must also have resided in the homestead for at least 10 ten years prior to application, and the taxpayer’s household income must not exceed 300% of the federal poverty level.
Local Option in Adoption of Program
Local government must take action to opt in
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
Local government covers all of its tax loss