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ADDITIONAL HOMESTEAD EXEMPTION FOR LOW INCOME SENIORS

ADDITIONAL HOMESTEAD EXEMPTION FOR LOW INCOME SENIORS. November 19, 2013. Additional Exemption for Low Income Seniors. Background Recipients Board Action. Additional Exemption for Low Income Seniors. Background Recipients Board Action. Background. October 22, 2013 BCC Meeting

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ADDITIONAL HOMESTEAD EXEMPTION FOR LOW INCOME SENIORS

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  1. ADDITIONAL HOMESTEAD EXEMPTION FOR LOW INCOME SENIORS November 19, 2013

  2. Additional Exemption for Low Income Seniors • Background • Recipients • Board Action

  3. Additional Exemption for Low Income Seniors • Background • Recipients • Board Action

  4. Background • October 22, 2013 BCC Meeting • Board directed staff to proceed with an ordinance and the required public hearing to adopt an additional homestead exemption for qualified low income seniors

  5. Background • In the November 2012 general election, voters approved Amendment 11 • It allows for an additional exemption when all of the following conditions are met: • The owner must be age 65 years or older; • The property must have a just (market) value of less than $250,000; • The owner must have maintained permanent residence for at least 25 years; • The owner’s annual household income must be less than $27,030 in 2013

  6. Background • More on Amendment 11: • The exemption must be granted by ordinance • The adopted ordinance must be delivered to the Property Appraiser by December 1, to take effect on the following January 1 • The ordinance must be adopted by at least a majority plus 1 vote

  7. Background $50,000 exemption currently available for qualified seniors • $25,000 exemption was enacted by the BCC for tax year 2001 • $25,000 exemption was enacted by the BCC for tax year 2007

  8. Additional Exemption for Low Income Seniors • Background • Recipients • Board Action

  9. Recipients • Approximately 6,800 recipients • Current $50,000 exemption saves seniors approximately $1.3 million per year • Assuming all current recipients qualify for the additional exemption, the annual cost to Orange County would be approximately $1.8 million

  10. Recipients • Timing • A Taxpayer claiming the exemption must submit an application to the Property Appraiser’s Office, no later than March 1

  11. Additional Exemption for Low Income Seniors • Background • Recipients • Board Action

  12. Board Direction Board Action: • Approval of ordinance

  13. ADDITIONAL HOMESTEAD EXEMPTION FOR LOW INCOME SENIORS November 19, 2013

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