Senior and disabled homeowners tax deferral

From the 2024 DOR Tax Exemption Study

Home Forms & Publications Publications By Subject Special Notices Legislative Update - Income Thresholds For Property Tax Relief Programs For Senior Citizens And Disabled Persons Print Legislative Update - Income Thresholds for Property Tax Relief Programs for Senior Citizens and Disabled Persons Issue Date August 12, 2015 Substitute Senate Bill 5186 increases the income thresholds for the Property Tax Exemption and the Property Tax Deferral Programs for Senior Citizens and Disabled Persons. Under the new legislation, each income threshold increases by five thousand dollars ($5,000.00). The increases are effective for taxes levied for collection in tax year 2016 and thereafter. What are the income thresholds for the Property Tax Exemption Program? Current income thresholds: Income Level of Reduction 0 - $25,000 Exempt from regular property taxes on $60,000 or 60% of the valuation, whichever is greater, plus exemption from 100% of excess levies. $25,001 - $30,000 Exempt from regular property taxes on $50,000 or 35% of the valuation, whichever is greater, not to exceed $70,000, plus exemption from 100% of excess levies. $30,001 - $35,000 Exempt from 100% of excess levies New income t