Variations in Receipt of Benefit
Other Variation in Receipt of Benefits
The benefit is an exemption, the amount of which is established by adopting cities and towns, but which is to be no less than $5,000. Adopting localities may establish benefits levels for age groups: (a) 65-74, (b) 75-79, and (c) 80 and older.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program. Residence means the housing unit, and related structures such as an unattached garage or woodshed, which is the person's principal home. Residence shall exclude attached dwelling units and unattached structures used or intended for commercial or other nonresidential purposes.
Description of Eligibility Criteria
To qualify for this program, individuals must be: (a) aged 65 or older; (b) have resided in the state for at least 3 years; (c) own and occupy the residence for which the exemption is sought; and (d) have income and assets below locally established ceilings. Locally established income ceilings must be at least $13,400 for an individual and $20,400 for a married couple. Locally established asset limits are $35,000 and such limits exclude the value of the residence and the land on which it is located (up to two acres or the minimum single-family residential lot size). Residential real estate owned by the spouse of a person eligible for this program is eligible provided the couple has been married at least 5 years. The property can be either wholly owned or partially owned by the person eligible.
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 no provide for state funding for local tax loss.