The Town of Tracy City wants qualified taxpayers to know about new changes to the property tax relief program for elderly, disabled, or disabled veteran homeowners.
The Tennessee General Assembly has passed new eligibility requirements that will go into effect July 1, 2015 for tax year 2015. These changes will allow more than 140,000 Tennesseans to benefit from the $35 million dollars in state funding that has been set aside for this program.
- The Maximum market value on which tax relief is calculated will be on the first $23,000 of the applicant’s primary residence. The previous value limit was $25,000.
- The combined 2014 annual income for the applicant, applicant’s spouse, and all other owners of the property cannot exceed $28,690.
- Key changes for disabled veteran and qualified widow(er) homeowners include:
- The maximum market value on which tax relief is calculated will be on the first $100,000 of the applicant’s primary residence. The previous limit was $175,000.
- Eligibility for new applicants in tax year 2015 will include an income limit. The applicant, applicant’s spouse, and all other owners annual income from all sources cannot exceed $60,000.
- Determination of disability will be provided by the Veteran’s Administration through the use of consent forms (F-16 or F-16S) available at the county Trustee’s office or city collecting official’s office.Eligible homeowners can begin applying for tax relief after they receive their 2015 property tax notice. You can apply at Tracy City Hall, 50 Main Street, Tracy City.
- For more information, contact Roxanne Fults, City Recorder, at 931-592-6213.
- It is important for disabled veterans and qualified widow(er)s to note that applicants currently on the program will not have an income limit.