Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The credit is the amount that the current year's tax liability exceeds the prior year's liability by 2% or more.
How is Benefit Disbursed
Credit to the property tax bill
Eligible Property Type
Characteristics of Eligible Property
Residential property includes the house and garage and up to 1 acre of land surrounding the dwelling.
Property Value Limit
Description of Eligibility Criteria
Eligible applicants must be at least 65 with adjusted gross income not to exceed $30,000 for individual ($40,000 for married applicants). In addition, the assessed value of the homestead cannot exceed $160,000. An applicant must also have qualified for the standard deduction for homestead property in the year the benefit is filed or the preceding year.
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
Local government covers all of its tax loss
Description of State Funding for Tax Loss
The state statutes are silent as to funding the revenue loss.