Variations in Receipt of Benefit
Benefit Varies with Income
The benefit is an exemption of valuation from regular property tax based on income. Those with income less than $25,000 are exempt from regular property taxes on the greater of $60,000 or 60% of the value of their residence Those with disposable income between $25,000 and $30,000 the exemption is the taxes on the greater of $50,000 or 35% of the value, not to exceed $70,000.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Eligibility is limited to the applicant's place of residence.
Description of Eligibility Criteria
Claimant must be 61 years or older, retired from gainful employment due to disability, or a veteran with 100% service connected disability. Claimant can not have an income exceeding $30,000. A surviving spouse or domestic partner of someone who had the exemption is eligible if 57 or older and meet the other criteria.
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
The tax savings to homeowners under this program totaled $51,260,659 for tax year 2006.