Clause 41C½ Property Tax Exemption for Seniors
Exemptions (Property Tax)
local option senior elderly exemptions taxation adoption local acceptance procedure application qualifications apply applicable requirements eligibility gross receipts limitation ceiling cap maximum income amounts adjustments factors criteria annual application deadline
59:5[41C 1/2] 59:5[41C½] acts 2016 218:146 acts 2016 218:247
This Informational Guideline Release (IGR) updates the standards and procedures that apply to the local option Clause 41C 1/2 exemption for seniors, which is based on reduction of assessed valuation, no asset limit, and a gross receipts limit tied to circuit breaker state income tax credit. It advises of recent amendment under the Municipal Modernization Act that changes the application deadline for a Clause 41C½ exemptions. Supersedes IGR 2015-209 and Inconsistent Prior Written Statements.
In effect. Supersedes IGR 2015-209 and Inconsistent Prior Written Statements.