Amendment 11 - Additional Homestead Exemption; Low-Income Seniors Who Maintain Long-Term Residency On Property; Equal To Assessed Value

Published On: Sep 17 2012 12:29:59 PM EDT   Updated On: Sep 17 2012 12:33:20 PM EDT

This amendment would authorize the Legislature to let counties and municipalities grant an additional homestead tax exemption for low-income seniors. The exemption would be equal to the assessed value of a homestead property, if: its market value is less than $250,000; the owner has maintained permanent residence there for at least 25 years; the owner is at least 65; and the owner has a low household income under law.