Local Home Owner's Budgets Take a Hit
Tax-law changes to squeeze seniors
Not only will all home owners have to pay an additional 12.5% on any new property-tax levies that local local governments and school districts will be forced to ask for. Forced to do so because the legislature has reduced the amount of state funding for those entities.
Turning sixty five is not always a pleasure but at least you could look forward to the $300 property tax credit for senior home owners. Not so fast seniors! Stating next year people turning 65 and earning over $30,00 year will not be eligible to enroll in the homestead exemption program.
Existing Homestead Exemption
The state will continue to pay the bill on the first $25,000 in home market value for those already in the program, but all new senior citizen and disabled homeowners entering the program will have to prove they earn less than $30,000 a year.