Monday, October 15, 2007

What Would You Do With $500?

Howard County seniors saved an average of $539.73 by applying for a property tax break, according to this story in the Sun.

About 500 elderly homeowners "received a collective $272,563 in property tax breaks, and 300 others could still benefit, according to a report given to a citizens committee studying whether to make more changes in the Senior Tax Credit law."

The averages could change once the final tally is in, the paper says.

People age 70 and older who own their homes, have household incomes of less than $68,450 and assets of less than $500,000, excluding their homes, are eligible for a 25 percent property tax break from the county.

1 comment:

J. Newburn said...

I can predict the future and state unequivocally that such a tax break will no longer exist by the time Gen Xers (born 1961 - 1981) are seniors.

Today's seniors have benefited from tremendous costs shifted to future generations; costs for which they will never pay.

I am not a fan, at all, of such tax-break programs. All generations have got to start paying for the costs of our country's -- and county's -- economic successes.

$67K a year income and they own your their home! Frigg! What kind of financial break do today's seniors need!

This policy also shows a lack of understanding generational diversity and how each generation moves through its life cycles. The seniors benefiting from this program are the last generation needing such government breaks. What a shame.