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2004 SESSION

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HB 94 Real estate tax; increases asset thresh. amts. of elderly or disabled prior to reduced imposition.

Introduced by: Mark L. Cole | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Real property tax exemption; elderly and disabled. Changes the financial criteria that localities may use in determining eligibility for real estate exemptions or deferrals for the elderly or disabled by: (i) increasing from $8,500 to $10,000 the amount of income of a nonspouse relative living with an elderly or disabled person; (ii) increasing from $5,000 to $10,000 the maximum amount of assets that an elderly or disabled person needing live-in assistance from a relative and enjoying a real estate tax exemption may transfer without adequate consideration, and still exclude the relative's income for purposes of determining maximum income for the tax exemption; (iii) increasing from $100,000 to $200,000 the maximum financial work cap; and (iv) increasing from $7,500 to $10,000 the maximum amount a locality may exclude from the income of a totally disabled person in calculating maximum income allowed.


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