What is an "Assessment Freeze?"

An "assessment freeze" is a property tax exemption that maintains your assessed value from the previous year. This means upon qualification (see next paragraph for who qualifies) the assessed value of your property on which you are taxed cannot increase. It is VERY important to understand that this, as is the case with ALL exemptions, does not mean your taxes cannot increase. Although the value on which your taxes are calculated is maintained, the tax rate itself may increase which, in turn, increases the amount you are taxed.

Who qualifies. Must be owner-occupied property. At least one individual on deed must be 65 years of age within the current tax year. TOTAL household income may not exceed $40,000 annually. This includes any and all persons residing at the residence regardless of relationship or whether they are on the deed. Assessment freeze must be filed each and every year prior to Sept. 1 of that tax year. An individual turning age 65 on Dec. 31 DOES qualify for assessment freeze within that tax year as long as filed by Sept. 1 of that year. (e.g. 65th birthday on Dec. 31, 2003--must file by Sept. 1, 2003)

Author: 
Greg Hill