Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The benefit is a property tax freeze. Property taxes are held at the lesser of the value recorded in the year the property owner becomes eligible for the program, or current level. The taxpayer must apply annually.
How is Benefit Disbursed
Credit to the property tax bill
Eligible Property Type
Characteristics of Eligible Property
Eligibility is limited to the applicant's place of residence.
Description of Eligibility Criteria
Claimant must be 65 years or older and not have an income exceed the greater of the weighted average of the median household income for the age group 65 to 74 and 75 and older who reside in the county the claimant is filing in. The minimum income level is $27,800 and the maximum, in Williamson County, is $49,980.
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
State reimburses all of the local government tax loss