Variations in Receipt of Benefit
Benefit Varies with Income
The program is currently not funded. For homeowners, the benefit is a payment of a percentage of tax on the first $34,000 of full value. For renters, it is a percentage of the property tax equivalent ($250) defined by statute. The percentage is determined by one of 37 income brackets adjusted annually by the following formula: the percentage change in CPI plus 100 percent, divided by 100 [(%changeCPI+100%)/100] times the income figure from the previous year.
How is Benefit Disbursed
Direct payment to taxpayer
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
Applicants must be at least 62 years of age, blind or, disabled. In addition, the applicant must have a gross household income not exceeding the highest income bracket. If the applicant rented, then the rent must be $50 or more per month.
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 disburses benefits directly to eligible applicants.