Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The benefit is an exemption up to the assessed value of the property for a person who has a title to a real estate with a just value of less than $250,000. This is a full exemption of assessed value by the municipal taxing authority that is levying its share of property taxes due and is often a full exemption of the ad valorem taxes due.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Property Value Limit
Description of Eligibility Criteria
Individuals must fulfill the requirements set forth in the Local Option Homestead Exemption for Limited-Income Seniors program. The applicant must be at least 65 years of age on 1 January of the year of application. In addition the household adjusted gross income must not exceed $30,174 and the just value of the property must be less than $250,000 in the initial year of the application. The applicant must have maintained permanent residency on the property for no less than 25 years.
Local Option in Adoption of Program
Local government must take action to opt in
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
State statutes do not provide for state funding for local tax loss.