The senior citizens assessment freeze homestead exemption allows you as a qualified senior citizen to have your home’s equalized assessed value “frozen” at a base year value and prevent or limit any increase due to inflation. Freezing your property’s equalized assessed value does not mean that your property taxes will not increase. Other factors also affect you tax bill. For example, your tax bill could increase if the tax rate, which is based on the amount of revenues taxing districts request, increases. Your tax bill may also increase if you add improvements to your home. However if your home’s equalized assessed value decreases in the future, you will benefit from any reduction
Are you eligible? ·You must be 65 years of age or older during the assessment year ·Your total household income was $55,000 or less. ·Used the property as your principal place of residence ·Owned the property, or had a legal or equitable interest in the property as evidenced by a written instrument. ·Were liable for the property taxes.