Connecticut’s Senior Real Estate Tax Relief Program: Do You Qualify? April is the time of year that most of us think about taxes and now that the tax deadline is passed, you may be wondering if there is anything you can do to save money, especially with the increase in the cost of staples like eggs and electricity.
When and Where to Apply for the Tax Relief Program?
Here’s a program that can help older Connecticut homeowners, but the deadline is fast approaching, so be sure to apply soon if you think you qualify. Your local city or town hall is the place to go to apply.
Related Post: Capital Gains Taxes On Real Estate Sales – When You Can Avoid Them And When You Cannot
Senior Real Estate Tax Relief Program Approval Requirements
Connecticut offers a state tax relief program for elderly homeowners who meet certain requirements. The following are some rules regarding the state tax relief for the elderly in Connecticut:
- Age Requirement: To be eligible for the program, you must be at least 65 years old or turning 65 before the end of the current calendar year.
- Homeownership Requirement: You must own your home and have lived in it for at least one year before applying.
- Income Requirement: You must meet certain income limits. For the year 2022, your income cannot exceed $37,000 if you are single or $45,100 if you are married.
- Taxable Property Value Requirement: Your home’s assessed value cannot exceed $483,660.
- Tax Credit Amount: The maximum amount of tax credit you can receive is $1,250 per year.
- Application Deadline: You must apply for the program by May 15th of the year following the assessment date of your property.
- Renewal Requirement: You must renew your application each year to continue receiving the tax credit.
Related Post: The 12 Real Estate Closing Steps
For homeowners who are considering selling their property and worried about the capital gains taxes they may incur, please be sure to stay tuned by signing up for our blog newsletter.
We will explain the ways you can qualify for reductions in capital gains taxes and (spoiler!) it does not involve purchasing another home!
Disclaimer: The information provided in this article does not, and is not intended to, constitute legal advice and is for general informational purposes only.
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Joan Reed Wilson Esq. – Managing Partner
Practices in the areas of estate planning, elder law, Medicaid planning, conservatorships, probate and trust administration, and real estate. Admitted to practice in the States of Connecticut and California, she is the President-elect of the CT Chapter of the National Academy of Elder Law Attorneys (NAELA), an active member of the Elder Law Section of the Connecticut Bar Association, accredited with the PLAN of CT for Pooled Trusts, with the Veteran’s Administration to assist clients with obtaining Aid & Attendance benefits for long-term care needs and with the Agency on Aging’s CareLink Network.