Download presentation
Presentation is loading. Please wait.
Published byAudra Heath Modified over 8 years ago
1
ADDITIONAL HOMESTEAD EXEMPTION FOR LOW INCOME SENIORS November 19, 2013
2
Additional Exemption for Low Income Seniors Background Recipients Board Action
3
Additional Exemption for Low Income Seniors Background Recipients Board Action
4
October 22, 2013 BCC Meeting Board directed staff to proceed with an ordinance and the required public hearing to adopt an additional homestead exemption for qualified low income seniors Background
5
In the November 2012 general election, voters approved Amendment 11 It allows for an additional exemption when all of the following conditions are met: The owner must be age 65 years or older; The property must have a just (market) value of less than $250,000; The owner must have maintained permanent residence for at least 25 years; The owner’s annual household income must be less than $27,030 in 2013 Background
6
More on Amendment 11: The exemption must be granted by ordinance The adopted ordinance must be delivered to the Property Appraiser by December 1, to take effect on the following January 1 The ordinance must be adopted by at least a majority plus 1 vote Background
7
$50,000 exemption currently available for qualified seniors –$25,000 exemption was enacted by the BCC for tax year 2001 –$25,000 exemption was enacted by the BCC for tax year 2007
8
Additional Exemption for Low Income Seniors Background Recipients Board Action
9
Recipients Approximately 6,800 recipients Current $50,000 exemption saves seniors approximately $1.3 million per year Assuming all current recipients qualify for the additional exemption, the annual cost to Orange County would be approximately $1.8 million
10
Recipients Timing A Taxpayer claiming the exemption must submit an application to the Property Appraiser’s Office, no later than March 1
11
Additional Exemption for Low Income Seniors Background Recipients Board Action
12
Board Direction Board Action: Approval of ordinance
13
ADDITIONAL HOMESTEAD EXEMPTION FOR LOW INCOME SENIORS November 19, 2013
Similar presentations
© 2024 SlidePlayer.com Inc.
All rights reserved.