Variations in Receipt of Benefit
No Variation in Receipt of Benefits
For state ad valorem taxes, individuals under 65 years of age are eligible for a $4,000 exemption to the assessed value of a property. For county and district ad valorem taxes for school purposes, individuals under 65 years of age are eligible for a $2,000 exemption for the assessed value of a property. At the local option, they may increase the exemption not to exceed $4,000 in assessed value.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Up to 160 acres of residential property is eligible.
Description of Eligibility Criteria
Individual must not be over 65 years of age and must be owner and permanent resident. The exemption applies to no more than 160 acres.
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 and local government share the local tax loss
Description of State Funding for Tax Loss
The state covers the cost of the exemption from state property taxes.