How Do Senior Homestead Exemptions for Property Taxes Work?


Quick Answer

Senior homestead exemptions for property taxes typically stipulate that the qualifying senior must be at least 65 years of age, must own the property and reside in the residence, as stated by Illinois Revenue. States can grant automatic exemptions or require submission of an application to qualify.

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Full Answer

Florida takes into account the total gross income of everyone living in the residence for seniors applying for a homestead exemption, and a household's gross income must be within state legal limits to qualify, according to the property appraisal office of Miami-Dade County. Florida also has Amendment 11, which is an additional property tax exemption for low-income seniors. Under this amendment, seniors must be long-time residents who have lived in the home for a minimum of 25 years. Additionally, senior homeowners must fall within the stipulated income range and own a home with a market value that doesn't exceed $250,000, as of 2015. This amendment is a local option that requires filling out an application.

Some states, such as Louisiana, have a senior citizen freeze, which freezes the value of a home at its current tax level, as noted by the Webster Parish assessor. In addition to the usual 65-year age requirement, the state allows surviving spouses who are 55 or older to apply for this exemption.

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