PROPERTY TAX EXEMPTION FOR SENIORS

By Bob Katzen

   On June 16, 2016, the Senate 35-0, approved a bill that would raise from $55,000 to $80,000 the maximum annual income a senior over 65 can earn and still be eligible for a property tax deferral. The local community decides whether to allow a tax deferral in the first place.

 Communities can charge up to 8 percent interest on the amount deferred. The amount of the deferral plus interest must be paid when the senior moves or dies.

   Amendment supporters said this will reduce expenses for seniors and allow more of them to remain in their homes.

   This bill was given initial approval by the House but has been tied up in the Bills in Third Reading Committee since July.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.