Variations in Receipt of Benefit
Benefit Varies with Property Value
Eligible taxpayers qualify for tax exemption based on assessed value. There are 50 brackets in $150 increments, ranging from less than $150 assessed value to values over $7,350. The exemption is $6 for the lowest bracket to $300 for those homesteads above $7,350 assessed value.
How is Benefit Disbursed
Credit to the property tax bill
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
Eligible taxpayers must be under 65 years old, and they must occupy the qualifying property as their primary residence.
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 and local government share the local tax loss
Description of State Funding for Tax Loss
The state helps cover the cost of providing the exemption by reimbursing municipalities at a rate of $200 per qualifying taxpayer, and counties and school districts at a rate of $50 per qualifying taxpayer.