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Property Tax Exemption/Floating Inflation-Proof Exemption
State
If the assessed value of your property increases by more than a certain amount, this program will give you an exemption that will help reduce some of the property tax you pay, including the state and county part of your property tax bill. You can take part in this program if you are 62 years of age or older and have limited income.
About this program
If the assessed value of your property increases by an amount set by the program, you will receive an exemption that will help reduce some of the property tax you pay. The savings include the state and county part of your property tax bill. The assessed value is the dollar amount used to decide how much you will have to pay in property taxes. The exemption you receive will increase (or float) when your home’s assessed value increases. This floating rate exemption will not stop the municipal or educational part of your property tax bill from increasing.
How do I apply?
To find out how to apply, please contact your local tax office.
Categories
Populations served
Informational only — official eligibility is determined by the administering agency.
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