"Senior Citizens Property Tax Deferral Act"; allows certain seniors to defer property tax payments.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
The Senior Citizens Property Tax Deferral Act allows certain seniors (65 and older with household income under $50,000 and no reverse mortgage) to defer their property tax payments annually. The deferral amount cannot exceed 110% of the assessed taxes, up to 75% of the home’s equity. The bill aims to alleviate the financial burden on seniors facing high property taxes and low incomes, particularly those at risk of foreclosure. The state will provide funding to municipalities for these deferrals, with a portion of the funds used to cover administrative costs.
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