*****Updated with the requirements beginning in Tax Year 2020*****
To be eligible for this program you must meet the age or disability, ownership, residency, and income requirements – the year prior to the exemption.
Age and Disability – You must be at least 61 years old on December 31 of the application year, or unable to work because of a disability, or a veteran with a 80 percent service connected disability. Your application must include proof of your age or disability. However, if the qualifying spouse or domestic partner dies, the remaining spouse/domestic partner must be 57 or better to continue the exemption. A doctor's verification form or written acknowledgment/decision by the Social Security Administration or Veterans Administration is required for the disability exemption.
Ownership & Residency – You must own and live in the qualifying primary residence for more than 6 months a year. However, if you are confined to a nursing home, boarding home, adult family home or are residing with a relative for the purpose of long-term care, your home may still be considered your primary residence. If you transferred your home under a revocable trust, you must retain full use of the property and be able to revoke the trust and take ownership at any time. A Declaration of Trust and a copy of your Trust Agreement needs to be filed with your application. If you are living in your home under the terms of an irrevocable trust or life estate, you may still qualify for the exemption. A recorded document outlining terms of the agreement is required.
Income – You must have an annual gross income of $48,574 or less to qualify. This includes the combined disposable income of the applicant, spouse/domestic partner and any co-tenants. A co-tenant is a person who has ownership interest and resides in the primary residence.
Disposable income means all gross taxable and non-taxable income, including (but not limited to) Social Security, retirement, disability pension, Veterans benefits (except service connected), interest, dividends, wages, capital gains, rental income, etc. You cannot deduct depreciation or losses. Non-reimbursed costs for prescription drugs, in-home care, or nursing home expenses for either spouse/domestic partner can be deducted from income.