Starting in 2016, seniors may partially offset a municipal tax increase pursuant to a substantial assessment roll increase in their principal residence. The potential subsidy amount will be indicated on the tax bill sent by the municipality and the subsidy will be claimed on the tax return.
To be eligible, the individual must be at least 65 years of age before the beginning of the year, have owned the residence for at least 15 years and his/her family income cannot exceed $50,000.
For more information on this tax credit, and to learn about other credits available to seniors, check out the Home Assistance – Seniors and Persons with Disabilities section of our tax planning guide.
10 Feb 2016 | Written by :