Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Eligible applicants receive a $10,000 exemption from assessed value from all property taxes levied by, for, or on behalf of any school system.
How is Benefit Disbursed
Exemption from assessed value
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 occupy the qualifying property as a primary residence. In addition, they must have a household income that does not exceed $10,000.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
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 Board of Education, when funds are specifically appropriated for the purpose of replacing revenue lost by local school systems as a result of this Code section, shall provide each school district in this state which, on July 1, 1974, had in effect a tax levy of 20 mills or more for educational purposes or was levying the maximum permissible tax authorized by law for educational purposes, with grants for educational purposes which shall equal the revenues lost by the school district due to the exemption provided by this Code section for property located within the school district.