Our Kirtland lobbyist found this information on line while researching pending legislation at the State level. Our legislators are suggesting an increase in the annual income eligibility for the homestead exemption.
In 2019, for those taxpayers 65 or older, the threshold is $32,800 – meaning that if you earn $32,800 or more annually you are not eligible for the homestead exemption.
The homestead exemption allows you to deduct $25,000 from your home valuation, before they calculate your property taxes. The average annual saving is a little south of $500.
State Representative John Rogers is one of the legislators that is trying to pass this legislation.
General Assembly 133
House Bill 99
Short Title:
Revise homestead exemption income eligibility and tax reduction
Long Title:
Categories: Lake, Uncategorized
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