You will need to bring a copy of the deed to the property and proof of age with you when you apply. Apply for the exemption at the Assessor's Office.Have reached age 65 during the tax year.Have lived on the property on or before January 1 of the tax year.This exemption lowers the equalized assessed value of your property by $5,000, and may be claimed in addition to the Homestead Exemption. Completion of an agreement which sets out the conditions of the tax deferral, including the maximum amount which can be deferred, the interest rate to be charged, and arrangements for repaying the "loan.".Presentation of evidence of adequate insurance on the property. A request that any joint owners must agree to the deferral.A request for information about the taxpayer, his or her income and the property for which the deferral is being sought.How does one apply for this tax deferral program?Īpplication for the Senior Citizens Real Estate Tax Deferral Program must be made each year. A surviving spouse who is at least age 55 within six months of the taxpayer's death may continue the deferral. Property taxes, which are deferred under this program, become due when the residence is sold or upon the death of the taxpayer.
The maximum, which may be deferred (including interest and fees), is 80% of the taxpayer's equity in the property. DeferredĮligible residents may defer part or all of their property taxes for each year in which they qualify. Note: The filing deadline for the program is March 1 of the tax year. Not owe any delinquent property taxes on the property.Please note that joint ownership under this program is limited to you and your spouse. This includes a condominium or a dwelling unit in a multi-dwelling building that is owned and operated as a cooperative. Own the property which must be used exclusively for residential purposes.Have lived in the property or other qualifying property for at least 3 years, except for periods in which you may have resided temporarily in a nursing or sheltered care home.Have a maximum household income of $55,000.Be 65 or older by June 1 of the tax year.Each year, the County Assessment Office mails information to all taxpayers receiving a senior homestead exemption informing them of the program and its deadlines. It's a form of a loan with a 6% interest rate, which is to be repaid after the taxpayer's death or at the time the property is sold. This program allows qualified senior citizens to defer all or part of the property taxes on their personal residence. The property has to be the taxpayer's principal residence. (effective January 1, 1998) The Township Assessor's Office initiates this exemption. A maximum of $25,000 of assessed value may be deferred under this program. This exemption defers for up to four years any increase in the assessment of your property due to an addition or other improvement to your home for which the township assessor would add value. Have the exemption initiated by the Township Assessors Office.Have lived on the property on or before January 1st of the tax year.Known as the owner occupied exemption, this exemption lowers the equalized assessed value of your property by $6,000.
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