Variations in Receipt of Benefit
No Variation in Receipt of Benefits
An individual may obtain a deduction from the assessed value equal to the lesser of ½ the assessed value of the real property or $12,480.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this relief. Eligible property includes the individual's real property, or mobile home or manufactured home which is not assessed as real property.
Property Value Limit
Description of Eligibility Criteria
An individual may obtain a deduction from the assessed value if the individual is at least 65 on or before December 31 of the calendar year preceding the year in which the deduction is claimed; the individuals’ income does not exceed $25,000; assessed value cannot exceed $182,430; the individual must reside on the property and have owned the property for at least one year. Surviving spouses are eligible if the surviving spouse is at least 60 years of age on or before December 31 of the calendar year preceding the year in which the deduction is claimed; the surviving spouse's deceased husband or wife was at least 65 years of age at the time of a death; and the surviving spouse has not remarried.
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
The statute is silent on whether or not the state reimburses the local government for the property tax loss.