OPTIONAL COST OF LIVING ADJUSTMENT FOR FISCAL YEAR 2023 EXEMPTIONS
Exemptions (Property Tax)
cost-of-living-adjustment cola exemption amounts asset limitations limits gross receipts income maximum threshold cut-off ceiling cap increases increased senior elderly surviving spouse minors optional local applied applicable percentage raised
59:5 59:5[17C] 59:5[17C½] 59:5[17D] 59:5[17E] 59:5[17F] 59:5 59:5[41B] 59:5[41C] 59:5[41D] acts 1995 181
This Informational Guideline Release (IGR) announces that for FY2023, 7.0% is the (1) maximum local option cost-of-living-adjustment (COLA) increase in Cl. 17 (surviving spouse/minor & elderly) exemption amount; (2) optional COLA applied to increased asset limit of Cl. 17s exemptions; (3) optional COLA applied to increase income & asset limits of Cl. 41s senior exemptions
In effect for FY2023 only.