Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Eligible taxpayers may qualify for one of the following deferrals for ad valorem taxes: The applicant may elect to defer all or a portion of the property taxes levied on his or her primary residence. This deferral only applies to taxes levied on up to $50,000 of the assessed value. For counties with a population of 550,000 or more (as of the 1980 census), applicants may defer payment on all or a portion of the property taxes levied on their primary residences that exceed 4% of their gross household income for the immediately preceding calendar year. The total amount of deferred taxes and interest plus the total amount of all other unsatisfied liens on the homestead cannot exceed 85% of the fair market value of the homestead. An interest rate equal to 3/4 of the rate for past due taxes accrues monthly on all deferred property taxes. The rate for past due taxes is the prime loan rate plus 3 percent. Claiming a tax deferral will result in a lien being placed on the property. The applicant must maintain insurance on the homestead property to cover potential loss due to fire or other hazard. Applicants must file an application each year by 1 April of the year for which the deferral is sought. Applications should be filed with the local tax official. Consult local tax official for applications.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
Eligible applicants must be at least 62 years old and entitled to claim a homestead exemption. They must occupy their property as a primary residence and gross household income less that $15,000. For applicants in counties with more than 550,000 residents (1980 census), neither the value of the homestead, nor the gross household income will disqualify the applicant from eligibility, provided they are filing for deferral of the portion of their taxes over 4% of their gross household income.
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
State statutes are silent in regard to reimbursement of local tax loss.