LD 1134
pg. 2
Page 1 of 2 An Act Providing Senior Citizens with an Optional Deferred Payment Plan for the... LD 1134 Title Page
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LR 359
Item 1

 
A.__The total amount of property taxes deferred for that
person on that residence due to participation in the
program;

 
B.__The actual amount of property taxes assessed and the
amount actually paid each year during participation in the
program;

 
C.__The current assessment; and

 
D.__The amount of the additional assessment, if any, imposed
for administrative costs.

 
4.__Additional assessment; escrow account.__As part of the
program, the municipality may, by a majority vote of its voters
and in the same manner by which taxes are set pursuant to section
505, impose an additional assessment on the residential property
in that municipality.__The additional assessment may not exceed
2% of the total taxes deferred under this section.__If the
additional assessment is approved, the revenue from the
additional assessment must be deposited in a dedicated escrow
account maintained by that municipality and used solely to offset
the costs of administering the program.

 
SUMMARY

 
This bill allows a municipality to establish a municipal
property tax deferment program. The program would allow a
resident who is at least 65 years of age and whose annual income
is not more than 300% of the poverty level to pay property taxes
on that person's residential property at the rate that was in
effect on that person's 65th birthday. The assessment remains at
that level until the residence is sold or transferred or the
person elects to stop participating in the program. At that
time, all property taxes assessed on the property but deferred
because of participation in the program must be paid to the
municipality.

 
In order to offset the temporary loss of revenue caused by
persons participating in the program, the municipality may, upon
approval of its voters, impose an additional assessment of up to
2% of the taxes deferred upon residential property. The revenue
from the additional assessment must be kept in a dedicated escrow
account and used solely for the administrative costs of the
program.


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