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.
More
Information
Existing Homestead Exemption
The Homestead Exemption
is a program that provides a reduction in property taxes to any
senior or disabled citizen, regardless of income, on the dwelling
that is that individual's principal place of residence and up to one
acre of land of which an eligible individual is an owner. The
reduction is equal to the taxes that would otherwise be charged on up
to $25,000 of the market value of an eligible taxpayer's homestead.
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.
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