Translate[Archived] Question #40: Provide the expenditure savings of capping the elderly/disabled real estate tax abatement program at valuations of $1 million and a deferral program alternative for eligible homeowners?
Question:
Can
you provide the expenditure savings of capping the elderly/disabled real estate
tax abatement program at valuations of $1 million, and providing a deferral
program as an alternative for those otherwise eligible homeowners?
Response:
Based
on Tax Year 2017 data, the Elderly and Disabled Tax Relief Program had 12
participants owning real estate assessed at more than $1 million (ranging from
$1.004 million to $1.6 million). Based
on the gross income of these property owners, 7 received 100% relief; 2
received 50% relief; and 3 received 25% relief.
The
total amount of taxes relieved for these 12 properties amounts to approximately
$115,200. If the program were amended to create a $1 million assessment
ceiling, with the balance of taxes eligible for deferral, the amount of actual
tax relief would drop to approximately $98,900. The difference of $16,300 would
be eligible for deferral. Based on 2017
data, the amount of potential deferral would range from a low of $42 to a high
of $4,336 per year.
The following chart provides the distribution of property values in the 2017 Tax Relief Program:
