Variations in Receipt of Benefit
Benefit Varies with Income
Benefit Varies with Property Value
The benefit is a full or partial exemption of taxable value of the homestead, depending on income. The maximum exemption is $40,000 if it is greater than the lesser of the actual value or 80% of the average single family residential property in the particular county. The percent of exemption is determined by 6 brackets with relief equal to 100% exemption of value for those with income below $26,251 (married) or $22,401 (single). The top bracket exempts 25% of value for those with income of $31,851 but less than $33,251 (married) and $27,051 but less than $28,201 (single). All income requirements are adjusted annually.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this relief.
Property Value Limit
Description of Eligibility Criteria
The eligible value of the homestead considered for relief will be reduced by 10% for every $2,500 in excess of either $95,000 or 150% of the average assessed value of single family residential property in the particular county, whichever is greater. Eligible claimants must be 65 years old or older and the owners of record of the homestead between January 1 and August 15. Income cannot exceed $33,251 (married) and $28,201 (single).
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
State reimburses counties and other governmental subdivisions for taxes lost.