Monday, October 27, 2008

Elderly Tax Freeze

Posted to NHI:

There are two parts to the elderly tax freeze based on the applicants income level and if they have a spouse or not. The tax freeze has a $2,000 cap placed on the yearly benefit that a senior may receive. Any amount over the $2,000 can either be paid by the senior or put into deferral. The tax free benefit ends when the property is sold or transferred. Seniors who earn between $50,000 and $75,000 qualify for a deferral program that allows taxes to be deferred until the property is sold or transferred out of their name. Deferred taxes are charged a prime interest rate but create an option for individuals who do not meet the income requirements of the tax freeze. Homeowners who are 62 years of age and older qualify for the freeze if their spouse met all requirements at their time of death.

Applications for the program can be picked up at the City’s five senior centers or by contacting the Department of Elderly Services at 946-2272

The key is to make sure you get your application prior to November 1st or you will have to wait until next year.

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