Property Tax Relief
I am very pleased to let you know that the House Bill 664 (P.A. 95-644) has just passed. It provides property relief for homeowners, seniors, veterans, the disabled, and the spouses of fallen police officers or rescue workers.
Highlights of House Bill 664 include:
Increases the General Homestead Exemption by $500 (from $5,000 to $5,500) in tax year 2008 and another $500 (from $5,500 to $6,000) in tax year 2009 and thereafter.
Increases the Senior Homestead Exemption from $3,500 to $4,000 in tax year 2008 and thereafter.
Increases the income threshold for Circuit Breaker eligibility by $1,000 beginning with the grant year of 2008 and thereafter. This income threshold applies solely to the property tax grant and license plate fee portion of the Circuit Breaker program.
Provides full Senior Citizen Assessment Freeze Homestead Exemption benefits for seniors with a household income of $50,000 or less in tax year 2007. It also increases the income eligibility limit to $55,000 for the 2008 tax year and thereafter.
Creates the Returning Veteran's Homestead Exemption which allows a $5,000 homestead exemption for the year in which they return from active duty, and a Disabled Veteran Homestead Exemption of between $2,500 and $5,000.
It also creates a $2,000 Disabled Homestead Exemption and allows property tax abatements to the surviving spouses of fallen police officers and emergency workers.
In order to educate the public, this legislation requires tax bills to include all information about tax exemptions, abatements or any other assistance programs designed to alleviate your property tax burden. If you have any further questions you can call 815/254-0000