Plans for the tax-benefit programs call for the income threshold for seniors to be raised to match state requirements, which city officials said is the first time in two decades the income limit has been increased. The proposal will allow seniors making up to $42,900 to apply for a tax credit, relieving them of up to $750 in property taxes. The change will increase the cost of the program by $90,789, which translates to a tax increase of about $3.14 for the average resident, or 3 cents for every $1,000 of assessed property value.
The other approved benefit boosts the property tax exemption for low-income veterans from $4,500 to $6,500. The city’s levels were below other area towns. The exemption decreases the assessed value of each affected property by $6,500, lowering tax burdens for qualifying veterans.
The increase will cost taxpayers $22,000, or an additional 89 cents in taxes for the average residential property owner.
The proposed 2017-18 budget was released Monday and will be reviewed Thursday at a special finance committee meeting at 5:30 p.m. in the City Hall Council Chambers. Click here to continue reading.
ltauss@record-journal.com 203-317-2231 Twitter: @LeighTaussRJ
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