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5/6/20091 Lincoln Shoreline Community Organization LiSCO www.lincolnshoreline.org.

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Presentation on theme: "5/6/20091 Lincoln Shoreline Community Organization LiSCO www.lincolnshoreline.org."— Presentation transcript:

1 5/6/20091 Lincoln Shoreline Community Organization LiSCO

2 PROPERTY TAX LAW Homestead Exemption Eligibility: (one spouse must be..) –Over 65 or totally and permanently disabled (from seeking gainful employment) –Less than $ 25,000 of income prior year. (indexed by Social Security payment inflation factor) Income is ALL Joint income from all sources other than gifts. –NC resident and property is primary legal residence (even if temporarily in a nursing home or similar facility) GS §

3 PROPERTY TAX LAW Homestead Exemption Basic Formula: –Valuation for tax purposes reduced by 50% or $25,000, whichever is greater. (indexed by Social Security payment inflation factor) GS §

4 PROPERTY TAX LAW Homestead Exemption How to Apply: –County tax office in Lincolnton prior to June 1 to get exemption for the following tax year. GS §

5 PROPERTY TAX LAW Circuit Breaker Eligibility: (one spouse must be..) –Over 65 or totally and permanently disabled (from seeking gainful employment) –NC resident and property is primary legal residence (even if temporarily in a nursing home or similar facility) –Owned and lived in home for at least 5 years –Joint Income is less than $ 37,500 of income from ALL sources other than gifts in the prior year. (indexed by Social Security payment inflation factor) GS § B

6 PROPERTY TAX LAW Circuit Breaker Tax Deferral: –That portion of property tax which exceeds: 4% of income if income <$25,000 5% of income if income >$25,000 and <$37,500 (all numbers indexed by Social Security inflation index) –Deferred taxes are carried for 3 years forward as a lien on the property, with interest, payable upon transfer of the property, or death of the qualifying owner. Taxes deferred more than 3 years are forgiven. GS § B

7 PROPERTY TAX LAW Circuit Breaker How to Apply: –County tax office in Lincolnton prior to June 1 to get exemption for the following tax year. GS § B

8 PROPERTY TAX LAW Senior Citizens Homestead Exemption (Valuation Reduction) Circuit Breaker (Tax Deferral) –Cant do both. If eligible for both, pick one GS §

9 OTHER States Senior Citizens Homestead Exemption ALSeniors pay NO County Tax, do pay City Tax AK1 st $150K exempt no income limit CA1 st $34K exempt if income <$35K CO1 st 50% up to $200K exempt no income limit CTVariable tax credit DETax credit 50% of school taxes, max $500 FL1 st $50K exempt; Max assessment increase 3% GA some County level relief HI1 st $60-120K exempt no income limit ID1 st 50% up to $208K exempt no income limit IL1 st $50K exempt if income <$50K

10 OTHER States Senior Citizens Homestead Exemption IN1 st 50% up to $70K exempt 1 st 50% up to $144K exempt if income <$25K IA1 st 50% up to $9.8K if income <$19.8K KS1 st 45% no limit if income <$16.8K (excl 50% of Soc Sec income) KY1 st 50% up to $29.4K LA1 st $75K exempt from County (not city) tax ME1 st $13K exempt MI1 st.18c of tax exempt if income <$82.5K MS1 st $75K exempt MT1 st $45K exempt if income <$45K

11 OTHER States Senior Citizens Homestead Exemption NE1st $40K exempt if income <$40K NV1 st 90% of taxes up to $500 if income <$28.5 NJtax limited to 4% ! tax credit towards NJ state income tax NMtax credit $250 if income <$18K 3% assessment increase limit NYUp to 59% of school taxes exempt if income

12 OTHER States Senior Citizens Homestead Exemption ORnone PAtax rebate $650 if income <$35K max tax rate 0.3c ! RItax rebate $250 if income <$35K SC1 st $50K assessment exempt SD1 st 35%/55% of taxes rebated if income <$13K TX1 st $10k assessment exempt from school taxes; 1 st $3K assessment exempt from other taxes UTTax Credit $816 if income <$27.5K VTnone VAvaries by locality if income <$50K WASchool taxes exempt if income <$35K

13 OTHER States Senior Citizens Circuit Breaker CACOIDILINMD MAMNNHNCORSD VA (by locality)WA

14 5/6/ OTHER States Senior Citizens Assessment Limits AZAssessment frozen if income <4x Soc Sec ARAssessment frozen CA1% assessment increase GAAssessment frozen if income <$30K some County level relief LAFrozen Assessment MA2.5% assessment increase limit 2.5% (!) tax rate limit MI1st.18c of tax exempt if income <$82.5K MOtax increase >2.5% exempt

15 5/6/ OTHER States Senior Citizens Assessment Limits NJtax limited to 4% ! Frozen taxes if income <$50K NM3% assessment increase limit PAmax tax rate 0.3c ! OKFrozen assessment if income <$25K TXSchool taxes frozen

16 Call to Action Join LiSCO –Fill out the form tonight –Pay or commit to the $35 dues –Join and get active on a sub-committee

17 5/6/ Lincoln Shoreline Community Organization LiSCO


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