Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The value of the primary residence remains fixed at the full cash value in effect for three years after the application is made. The value remains at this level even if the value declines. Applications made in 2021 provide protection for years 2022 through 2024 as long as the owner remains eligible. Applications made in 2020 provide protection for years 2021 through 2023 as long as the owner remains eligible. Applications made in 2019 provide protection for years 2020 through 2022 as long as the owner remains eligible. Any changes to the property such as new construction or demolition will change full cash value and will result in the removal of the freeze.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Eligible property is limited to owner's primary residence, including not more than 10 acres of undeveloped appurtenant land.
Description of Eligibility Criteria
The resident may apply for a property valuation protection option after residing in the primary residence for 2 years. The owner must be at least 65 years old with a total income from all sources, including nontaxable income, of less than the following amounts of the supplemental security income benefit rate. For applications filed in 2021 the income level is the average of the three prior years, 2018, 2019, and 2020 and cannot exceed $38,112 for sole owner and $47,640 for two or more owners.
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
Description of State Funding for Tax Loss
State statutes are silent on the funding for this program.