State
Tennessee
Year
2014
Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Benefit Type
Credit
Benefit
The state program provides a credit for taxes on the first $25,000 of market value. Local option may provide for an additional credit, not to exceed total taxes.
How is Benefit Disbursed
Direct payment to taxpayer
Eligible Property Type
Residential
Characteristics of Eligible Property
Eligibility is limited to the applicant's place of residence.
Eligibility Criteria
Age
Disability
Homeowner
Income Ceiling
Description of Eligibility Criteria
Claimants must be 65 or older or permanently and totally disabled. For 2014, income in 2013 may not exceed $28,270.
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 and local government share the local tax loss
Description of State Funding for Tax Loss
The state reimburses local jurisdiction for the state program. Local option programs are funded locally.
Record ID
TN101_RR14
Footnotes
The base amount is set by the general appropriations act.
Sources
Tenn. Code Ann. § 67-5-701 ~ 67-5-703 (in effect for 2014)
Elderly or Disabled Homeowner Property Tax Relief Program (2014), Monroe County Tennessee Trustee [http://www.monroetrustee.com/pages/EL_brochure.pdf Accessed on 06/09/2015] View Archived Source