The Standard Elderly General Homestead Exemption is available to homeowners who otherwise qualify and who are 65 and older where the net income of the applicant and spouse does not exceed $10,000 for the preceding year. Social Security income and certain retirement income are excluded from the calculation of the income threshold. This exemption, which is in an amount up to $4,000 deducted from the 40% assessed value of the homestead property, applies to county taxes, school taxes, and the state tax and it does apply to taxes levied to retire bonded indebtedness.
School Tax Homestead Exemption
The Standard Elderly School Tax Homestead Exemption is an increased homestead exemption for homeowners 62 and older where the net income does not exceed $10,000 for the preceding year. This exemption applies only to school tax but it does include taxes levied to retire bonded indebtedness. The amount of the exemption is up to $10,000 deducted from the 40% assessed value of the homestead property.