Why are my taxes going up when I have the Senior Freeze?
The Senior Freeze Exemption is a significant benefit to seniors and becomes more valuable from year to year during times of increasing assessments. However, in the current declining market, many seniors find themselves losing some or all of the benefit from the Freeze and, as a result, paying substantially more in taxes.
The Senior Freeze Exemption does:
- Freeze the taxable value of your property
- Stabilize property taxes in an increasing market
The Senior Freeze Exemption does NOT:
- Freeze your tax bill
- Freeze the tax rate
Who Qualifies? The Senior Freeze Exemption is available to seniors at least 65 years of age, with total household income of $55,000 or less, who own their home and live in it as their principal residence.
What is the Benefit? The exemption freezes the taxable assessment at the level of the base year. The base year is the year prior to the initial application.
How is the Exemption Amount calculated? The amount of the exemption is not the same for every senior and varies from year to year. The exemption amount is calculated by subtracting the base year assessment from the current year assessment. The difference is the amount of the exemption.