Limited Income Senior Exemption
What is the Limited Income Senior Exemption for persons age 65 and over?
This is an additional exemption of up to $25,000 which may be adopted by the county and cities for qualified persons age 65 and over. The Martin County Board of Commissioners adopted an additional homestead exemption of $25,000 of assessed value to be exempted from county taxes for qualified seniors. The Village of Indiantown Council Members adopted this additional homestead exemption in the amount of $50,000 of assessed value to be exempted from municipal taxes for qualified seniors beginning in 2023. Note: This exemption applies only to the taxes levied by Martin County and the Village of Indiantown. School taxes and independent tax districts cannot be exempted.
If you meet the following criteria, you may qualify for this exemption:
- The eligibility requirements for the original $25,000 homestead exemption must be met.
- At least one of the owners must be 65 years of age or older on or before January 1 of the year the application is made.
- To qualify for 2024, the 2023 household adjusted gross income for all persons residing in the household must not exceed statutory requirements. The household adjusted gross income amount is not to exceed $36,614. This amount is subject to change each year. Most low income households would not include Social Security in the adjusted gross income.
How do I know my adjusted gross income when I haven’t filed my IRS return yet?
While your limited income senior’s application must be filed by March 1, income documentation of all persons living in the household should be submitted before May 1 for prompt consideration. No documentation can be accepted after June 1.
What does “household” income mean?
“Household” means a person or group of persons living together in a room or group of rooms as a housing unit. The term does not include persons boarding or renting a portion of the dwelling.
“Household income” means the adjusted gross income, as defined in Section 62 of the United States Internal Revenue Code, of all members of a household.
What kind of income documentation is required?
- The LImited Income Senior Exemption requires the adjusted gross household income from the prior year. If you file a 2023 federal income tax return, a copy needs to be provided to the Property Appraiser by June 1, 2024 for all persons who have an income and reside in the home.
- If you do not file a federal income tax return, you will be asked for copies of any documents you have regarding income you received in 2023 even if you didn't have to file a federal income tax return, such as W2's from any pensions you may receive, interest on bank accounts etc.
-
The Property Appraiser cannot grant the exemption without the required documentation.
What proof of age is acceptable?
Valid Florida driver’s license or Florida I.D. card, certified copy of birth certificate, marriage certificate or passport.
What is the approximate savings to eligible low income seniors?
|
Tax Year |
Exemption Amount |
Approximate Savings |
|
2024 |
$25,000 |
$130.00 - $200.00 |
- Estimate based on 2023 millage rates.
- Amount varies depending on location of property.
Do I have to reapply each year?
If you previously received the exemption, each year in March, our office will notify you of what the new income limitation is for that year. If your income exceeds this new limitation, you must notify our office by May 1st.
Limited Income Senior Exemption & 25 Year Resident
In order to qualify for this exemption, the following requirements must be met:
- The owner must be 65 years or older on January 1st.
- The owner must have title to the property.
- The owner must have lived in their current home for 25 years or more (as a permanent Florida resident).
- The property must have a just or market value less than $250,000. The Property Appraiser's office will have this information.
- The owner's 2023 adjusted gross household income amount cannot exceed $36,614. This amount is subject to change each year. Social Security income may or may not apply depending upon the amount and filing status. Call 772-288-5608 for details.
An applicant, who qualifies for this additional exemption, will be exempt from the entire County portion of property taxes. In addition, applicants living within the VIllage of Indiantown will also be exempt from the entire municipal portion of property taxes beginning in 2023. This exemption does not apply to school taxes, or any taxes levied by other taxing authorities on your homestead property.
Reduction in Assessment for Living Quarters of Parents/Grandparents (Granny Flat)
Reduction in Assessment for Living Quarters of Parents or Grandparents, also dubbed “Granny Flats”, was adopted by the Martin County Board of County Commissioners effective for the 2007 tax roll. It offers homeowners a reduction in their assessed value for building living space on a homesteaded property to accommodate parents or grandparents that are age 62 and older. It applies only to new construction or reconstruction completed after January 7, 2003.
- The value exempted from taxes for the homeowner cannot be more than the increase in assessed value from the construction or reconstruction OR 20% of the total assessed value of the property, whichever is less.
- It applies only during the time that at least one parent or grandparent maintains his or her primary residence within the homestead property of the owner.
- The parent or grandparent does not claim homestead exemption in Florida or residence-based exemption or tax benefit in another state.
- When the property owner no longer qualifies for the exemption, the previously excluded value of the improvements will be added back to the assessed value of the property.
Click here for "Granny Flats" Assessment Reduction Application (DR-501 PGP)