Knoxville Announces Tax Freeze for Seniors
Knoxville, Tennessee – In an effort to support the growing senior community facing financial challenges due to inflation, Knox County Trustee Justin Biggs has announced an expansion of the tax freeze eligibility for homeowners aged 65 and older. This change has been set in motion amidst notable economic pressures, with many seniors feeling the pinch of rising prices.
Increased Income Limit
The new proposition involves raising the income limit for senior households from 44,940 dollars to 60,000 dollars, marking it at the maximum allowable by the state. This adjustment was presented to the Knox County Commission and has already been approved. The measure is aimed at providing financial relief to more seniors in the community.
Understanding the Tax Freeze
Biggs elaborated on what the tax freeze means for eligible seniors. “A tax ‘freeze’ will keep a person’s property tax at the same rate that the property is currently assessed at,” he explained. This means that while the tax can decrease due to new assessments, it will not rise during the freeze period. As a result, seniors can rest easy knowing their property tax expenses will remain stable.
Immediate Implementation
The new eligibility guidelines become effective immediately, allowing seniors to benefit from this program without delay. The Trustee’s Office has begun preparing tax statements that are expected to be delivered by the end of September, ahead of the usual mid-October timeline. However, it is important to note that the due dates for taxes will not change.
Support from the County
Trustee Biggs expressed his enthusiasm about the initiative, stating, “I’m excited to bring this to our senior community at a time when inflation has strained most everyone, but especially our senior adult community.” He emphasized the ongoing commitment of his office to seek ways to better serve Knox County residents, particularly the seniors who may be struggling financially in the current economic climate.
Inclusivity for Veterans
In addition to the seniors, Biggs also took the opportunity to remind veterans in the county that they too might qualify for tax relief. He encouraged them to reach out to the Veterans coordinator available in the county to explore their options for assistance.
Upcoming Sign-Up Events
To facilitate the registration process for those eligible, the Trustee’s Office will hold sign-up events at various local senior centers throughout October. These events will offer seniors the chance to learn more about the program, ask questions, and sign up for the tax freeze. Additional information, including a link to the application, can be found on the Trustee’s Office website.
Conclusion
This tax freeze initiative is a significant step in providing much-needed financial relief to a demographic that is increasingly vulnerable to economic fluctuations. By expanding eligibility, Knox County aims to help seniors maintain their homes without the stress of escalating property taxes, allowing them a better quality of life in their golden years.
