Senior Valuation Freeze Options
Senior Property Valuation Protection Option – Also known as Sr Property Valuation Freeze (SPVF)
The Senior Valuation Protection Option freezes the property valuation of residential homeowners who are 65 years of age or older if they meet specific qualifications and make application to the County Assessor. The valuation freeze is for three years and may be renewed at the end of the third year. This does not freeze your property tax bill, but it does freeze the property valuation.
To qualify, you must meet the following criteria:
- Property owner must be 65 years of age or older.
- Property must be the primary residence and the owner(s) must have resided at the residence for at least 2 years.
- Property owner(s) average total annual income from all sources, taxable and non-taxable for previous three (3) years must be under $43,872 (one owner) or $54,840 (two or more owners).
Submit application to the County Assessor on or before September 1, 2023. Filing deadline is September 1, 2023.
The following documentation must be submitted with the application:
- Proof of age: birth certificate, driver's license, passport.
- Proof of residency: driver's license, tax returns, or voter registration showing the physical address for 2 years prior to application. etc.….
- Proof of income: must include documentation of income of all owners listed on property title for previous three years to include IRS tax returns, Social Security Benefit statements, AND ALL OTHER SOURCES OF INCOME (nothing is excluded).
APPLICATION PROCESSING RESULTS: Applications will be processed, and property owners will be notified as to qualification status by December 1 of the application year. Applicants who qualify will have the property valuation frozen for the year of application and following two years. A renewal application will be sent to the property owner at the end of the third year to allow for reapplication.
STATUS CHANGE: The freeze applies only to the FULL CASH VALUE. It does not apply to the Limited Property Value or the Tax Rate. The Freeze applies to a residence and land up to 10 acres with the residence. CHANGE IN OWNERSHIP, RESIDENCY STATUS, INCOME STATUS etc. may nullify the Senior Property Valuation Protection Option. NEW CONSTRUCTION will be added to the property valuation and will be subject to taxation.