WHAT ARE THE QUALIFICATIONS TO APPLY FOR THE SPECIAL ASSESSMENT LEVEL FOR 65 AND OLDER?
A Special Assessment Level applies to the homestead of persons ages 65 and older if they have earned less than $73,851 in adjusted gross income for the IRS reporting year of 2017. This would then be applied for the property tax year of 2018. This Special Assessment Level freezes the assessed value for the property. To qualify each year between Jan 1 and June 30 you must come into our office and file a special form. You also must bring in proof of income for the previous year such as a Tax Return or the Social Security Benefits Earnings Statement. This Special Assessment Level is lost if the property is transferred or if improvements are made in excess of 25% of property value. The surviving spouse can qualify if they are age 55 or older and meet the other qualifications of the exemption.