What is the Senior Property Valuation Limitation?
This “Limitation” prevents the taxable value from increasing on Homestead property that is owned by anyone who is 65 years of age or older as of January 1st whose gross household income does not exceed the H.U.D. qualifying income for the preceding year. The Limitation will take effect for the taxable year in which the application is made and approved. The application must be made between January 1st and March 15th or within 30 days from the date issued on the “Notice of Change in Assessed Value of Real Estate”. Please refer to the Senior Valuation Limitation page for more information.
