Senior property tax breaks offered

The board of education approved a Senior Tax Policy which allows different exemptions for residents 62 and older and voters overwhelmingly supported the tax break with 8,239 votes in support and 1,009 in opposition in the November election.

“This creates a tier for citizens with and without income eligibility requirements to provide tax relief for our senior citizens,” said superintendent Dr. Michael Duncan.

The Senior Tax Policy provides an exemption of up to $50,000 for citizens 70 and older with income eligibility and a $20,000 exemption without income eligibility. For citizens 62 and older, income eligibility is required for exemptions up to $20,000, for citizens 65 and older, income eligibility is required for exemptions up to $30,000, for citizens 70 and older, income eligibility is required for exemptions up to $50,000 but a $20,000 exemption is given to all citizens 70 and over. The tax cut for seniors is expected to impact the school’s M&O budget by $179,679 or .33 and the school’s bond by $29,661 or .05.

“We have a few more details to iron out in next month or so but citizens interested in the exemption can come to the office and apply for the exemptions,” said Greg Hobbs, Pike’s chief tax appraiser. “We are asking that they come and apply first and bring their 2022 income taxes if applicable. If they don’t file taxes, there are several different ways that we can verify income. The main thing is that they need to come apply. That’s the first hurdle and then we will work out the details.”

The changes were approved by the General Assembly and go into effect in 2023.

“This is a great step to help seniors but citizens are not totally exempt, it’s all based on the value of their homes and properties,” said tax commissioner Donna Chapman. “Seniors will still have to pay some school taxes if the assessed value (which is 40% of the fair market value) is more than the exemption amount due to them.”