Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Participants apply for a loan equal to the amount of property taxes and special assessments levied. The maximum annual loan is $3,525.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
The homeowner must be at least 65 years of age or a qualifying veteran at any age who, during the preceding year, lived in the dwelling unit for at least 6 months and had a total household income at or below $20,000. Total outstanding liens, judgments, mortgages and delinquent property taxes may not exceed 33% of the value of the housing unit, as determined by the most recent property tax assessment.
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
State reimburses all of the local government tax loss
Description of State Funding for Tax Loss
The state provides the loan directly to the property owner.