Property Tax Statistics 1998

Senior Citizen Property Tax Relief

The property tax exemption for senior citizens, enacted in its original form by constitutional amendment in 1967, provides tax relief for homeowners who qualify on the basis of age or disability and disposable income. In 1998, the program provided $80 million in relief for 131,924 participants.

To be eligible for tax relief in 1998, a homeowner must be 61 in the year the claim is filed or retired by reason of physical disability. Tax relief is provided in the following increments:

• full exemption from excess property taxes, along with a freeze on assessed valuation at 1995 levels, for households with a combined disposable income of $28,000 or less;
• exemption from all regular property taxes on the greater of $30,000 or 30 percent of the value of residence, not to exceed $50,000 if income is between $15,001 and $18,000; or
• exemption from all regular property taxes on the greater of $34,000 or 50 percent of the value of residence if income is $15,000 or less.