Fri | Aug 18, 2017

Tax exemptions for needy seniors granted for pricey homes

Published:Monday | April 11, 2016 | 4:00 AM

SEATTLE (AP):

The Seattle Times has found that some property tax breaks designed for needy seniors have been granted to some pretty expensive King County homes.

And many lower-income homeowners, 61 and older, haven't tried to take advantage of the property-tax relief programme.

The Seattle Times reports homeowners 61 and older with a total household income of $40,000 or less, who are retired due to a disability or are a veteran with a service-connected disability, may qualify for the programme.

Census data show close to 40,000 homeowners in King County would meet the requirement for the senior exemption, but not quite 15,000 are enrolled.

Another 118 King County homeowners currently receiving the senior exemption have houses that were assessed at more than $1 million in 2015.

To be eligible for the senior exemption, income alone is taken into account, not assets such as home equity.