WHAT IS THE HOMESTEAD EXEMPTION FOR SENIORS?
ADOPTED IN THE NOVEMBER 2000 ELECTION, THIS ACT ESTABLISHED A HOMESTEAD EXEMPTION FOR SPECIFIED PERCENTAGE OF A LIMITED AMOUNT OF THE ACTUAL VALUE OF OWNER- OCCUPIED RESIDENTIAL REAL PROPERTY THAT IS THE PRIMARY RESIDENCE OF AN OWNER-OCCUPIER WHO IS SIXTY-FIVE YEARS OF AGE OR OLDER WHO HAS RESIDED IN SUCH PROPERTY FOR 10 YEARS OR LONGER. THIS WILL AFFECT THE 2002 TAXES PAYABLE IN 2003. MORE DETAILS WILL BECOME AVAILABLE AS THIS PROCESS IS FURTHER DEVELOPED. DIRECT QUESTIONS TO (719) 583-6021.
