Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Applications must have been filed before 1 April 1991. The benefit is a deferral of all property taxes due. This program is being phased-out. A deferral constitutes a lien on the property that accrues interest at the rate of 6% per annum. An application for deferral is good for the assessment year in which it was approved. The amount of deferred taxes plus interest is due April 30th of the following assessment year. All deferred taxes and interest are payable if: the claimant dies, or the property is sold, or the claimant moves, or the home is moved out of state. Applications for this program may no longer be filed.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Eligible property includes owner-occupied principal dwelling, either real or personal property, owned by the taxpayer and up to 10 contiguous acres upon which it is located.
Description of Eligibility Criteria
Claimant must be 65 years of age or older and total household income cannot exceed $32,000. The property must be the homestead of the claimant, the claimant must own the property in part or in full, and there must be no legal documents with superior standing prohibiting the deferral of state property taxes on the property.
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
State reimburses all of the local government tax loss
Description of State Funding for Tax Loss
The state reimburses municipalities for the full amount of the deferred taxes due. However, the State Tax Assessor is authorized to prorate payments to municipalities for deferral claims if the amount available in the Senior Property Tax Deferral Revolving Account in any fiscal year is insufficient to make full payments to all municipalities.