Variations in Receipt of Benefit
Benefit Varies with Income
For homeowners age 65 and older or disabled relief is determined according to three brackets with relief ranging from $1,000 to $2,000 if income is up to $70,000, to $500 if income is $125,000 to 200,000. For non-elderly, non-disabled homeowners, relief ranges from $350 if income is up to $70,000, to $200 if income is between $125,001 to $200,000. Each year the maximum rebate is derived by multiplying the maximum homestead rebate allowed in the prior tax year by the cost-of-living adjustment. The cost-of-living adjustment is calculated by using the consumer price index for all consumers for the nation. Benefit is disbursed as a direct rebate for homeowners and as an income tax credit for renters.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
The individual must be 65 years or older or disabled, including blindness and they must be a homeowner or a renter. The income ceiling is $200,000 for homeowners and $100,000 for renters.
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 pays the rebate directly to the taxpayer.