Covington City Council has increased the income limit requirement for senior citizen and permanently and totally disabled tax relief on real estate which should allow more people to be eligible for this relief. Also, the amount of relief given has been increased.
Covington citizens 65 and older and permanently and totally disabled persons under 65 who own and occupy their own homes and meet income and net worth requirements set by the City Council are reminded by Cathy Kimberlin, City Commissioner of the Revenue, to take advantage of the tax relief on their city real estate taxes.
The net worth and income requirements state that for a person 65 or older or permanently and totally disabled to be eligible for the relief, he or she must have a net worth not to exceed $80,000, excluding his or her home, and have a total income not to exceed $45,000 per year.
The income limit has been increased from the previous requirement of $40,000. The excluded amount of income of relatives, other than spouse, and nonrelatives in the residence is $7,500.
Also, the first $7,500 of income of permanently and totally disabled person(s) will be excluded from the total income.
The amount of tax relief given for any year shall be no greater than $300.00 which was increased from $200.00. Under the current Ordinance, an eligible taxpayer will receive up to $150.00 off of the 1st half bill and up to $150.00 off of the 2nd half bill. Failure of a property owner to pay real estate taxes on a home affected by the relief, in full, by the due date, shall result in a loss of the tax relief for the year in which late payment was made, and the full amount of the tax plus penalty and interest shall be charged.
This tax relief is granted annually and application for the relief must be made each year.
Interested persons may apply for this real estate tax relief at the office of the Commissioner of the Revenue in City Hall between February 1 and February 29, 2024 to be eligible for the Fiscal Year 2024/2025.
This page is available to subscribers. Click here to sign in or get access.