Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The assessment is held constant at the value recorded in the year the property owner becomes eligible for the program.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only primary residences with property values less than $154,950 are eligible.
Property Value Limit
Description of Eligibility Criteria
The claimant must have a yearly indexed household income of less than $22,573.68 (single) or $28,217.10 (married); they must have been a property owner and resident of the state for at least 1 year; they must have resided for at least 200 days of the previous calendar year in the dwelling; the property value must not exceed $154,950; and the claimant must be at least 65 years of age. Annual income is indexed against the CPI for urban wage earners by the Bureau of Labor Statistics.
Local Option in Adoption of Program
Local government is unable to exercise an option
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