Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The benefit is a local option deferral of all or part of taxes due in cases where assessing officials believe the tax burden imposes undue hardship or a possible loss of property. The interest rate on deferred taxes is 5%.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
Individuals who are either over 65 or eligible for disability benefits under Title II or Title XVI of the Federal Social Security Act are eligible if they have owned the homestead they live in for at least 5 years in the case of an elderly applicant, or at least 1 year for a disabled applicant. The total of tax deferral on a particular property cannot exceed 85% of the equity value and if the property is subject to a mortgage, the owner must have the mortgage owner’s approval prior to securing a deferral.
Local Option in Adoption of Program
Local government must take action to opt in
Local Option Regarding Program Features
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.