Variations in Receipt of Benefit
No Variation in Receipt of Benefits
For eligible applicants, the benefit is a freeze of the taxable value of the homestead. The freeze does not apply to successive improvements. The fair cash value of improvements shall be added to the value of the property, with the fair cash value of the total property remaining frozen at that revised level as long as the applicant is eligible.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible.
Description of Eligibility Criteria
Homeowners must be age 65 or over. Gross household income from all sources, excluding gifts, cannot exceed the amount determined by the US Department of Housing and Urban Development for the resident's county.
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