Variations in Receipt of Benefit
No Variation in Receipt of Benefits
This program exempts up to $8,000 of equalized assessed value from property taxes in counties with 3,000,000 or more residents. The benefit is $5,000 in all other counties.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program. Single family residences or apartments are eligible for this benefit.
Description of Eligibility Criteria
Eligible individuals must occupy the property as their principal residence and be liable for the property tax burden. The applicant must have an ownership interest in the property through outright ownership or a lease. Applicants must be 65 or older. A stay in a nursing home or similar care facility does not affect eligibility if the property is still occupied by the applicant's spouse or the property remains unoccupied but still owned by the claimant.
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
Local government covers all of its tax loss
Description of State Funding for Tax Loss
No reimbursement by the state is required for the implementation of any part of this program.
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