Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Counties with a population over 2 million people are required to have a fund to reduce school district taxes. The county treasurer shall use the monies in the fund to proportionately reduce the primary school district's primary taxes that are levied against the property of all qualified individuals in the county for the following tax year.
How is Benefit Disbursed
Credit to the property tax bill
Eligible Property Type
Characteristics of Eligible Property
Eligible property includes individual’s primary residence and up to 10 acres of undeveloped appurtenant land. “Primary residence” means all owner occupied real property and improvements to that real property in the state that is a single family home, condominium, townhouse or an owner occupied mobile home and that is used for residential purposes.
Description of Eligibility Criteria
Benefit is limited to residents of the state that are 65 years of age or older. For married couples, at least one of the owners must be 65 years or older. If one person owns the property, the person's total income from all sources including nontaxable income shall not exceed 400% for singles, or 500% if married, of the supplemental security income benefit rate of the social security act. Benefit is limited to individuals who live in an organized school district. Eligibility is limited to those individuals who are eligible for property assessment freeze. Eligible property includes individual’s primary residence and up to 10 acres of undeveloped appurtenant land. The resident must have resided in the primary residence for 2 years. “Primary residence” means all owner occupied real property and improvements to that real property in the state that is a single family home, condominium, townhouse or an owner occupied mobile home and that is used for residential purposes.
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
Description of State Funding for Tax Loss
Local government funds this benefit from monies in elderly assistance fund. Funding for this benefit comes from a portion of the interest paid when a real property tax lien is redeemed. When a real property tax lien is redeemed the county treasurer shall deposit an amount in the elderly assistance fund that is equal to the difference in the amount of interest prescribed by statute (16%) and the amount of interest stated in the certificate of purchase.