“You have to be 65 or older, as of January 1st of this year,” said Farnen in an interview with the Missourinet. “The total adjusted gross income of the people living at the house can’t be more than $77,254 and you also have to have your property tax receipts from the past three years.”
Farnen says homeowners who are 100 percent disabled are also eligible. He adds all those who want to be considered must get moving.
“You have to send it in to the Department of Revenue and it has to be postmarked by this Thursday, October 15th,” said Farnen. “If you haven’t started working on this, already, you really need to get started because the main thing you have to find is your property tax receipts and make copies of those and send those in with the application.”
Those who apply on time and qualify won’t see a return until next year.
“Basically, you apply in the fall of one year and then the next year you get a credit on your local property taxes on the house that you live in if you qualify,” said Farnen.
In 2008, there were 11,077 successful applicants who received $2.4 million in property tax credits, for an average credit of $222.
The application is available on the Department of Revenue’s Website.
