Knoxville Implements Expanded Tax Freeze for Seniors Amid Rising Inflation

Knoxville Expands Tax Freeze for Seniors

KNOXVILLE, Tenn. — In response to growing financial pressures due to inflation, Knox County has announced a significant change in its tax freeze program for seniors. County Trustee Justin Biggs revealed the expansion of eligibility for the property tax freeze on Wednesday, September 5, 2024. This update aims to provide more financial relief to seniors aged 65 and older, allowing them to keep more money in their pockets during challenging economic times.

Increased Income Limits

Previously, the annual income limit for senior citizens in order to qualify for the tax freeze was set at $44,940. Under the new guidelines, this limit will increase to the state maximum of $60,000. This change is a response to the ongoing inflation that has impacted the cost of living for many seniors.

Biggs stated, “We made a mistake;” acknowledging the needs of the elderly community, he added, “A tax ‘freeze’ will keep a person’s property tax at the same rate that the property is currently assessed at.” This means that while property taxes may decrease based on new assessments, they will not rise during the freeze period.

Immediate Implementation

The new tax freeze eligibility will take effect immediately. The Trustee’s Office is currently working on preparing tax statements, which are set to be released in the last week of September — earlier than the usual mid-October timeframe. Despite this change, the due date for taxes will remain unchanged.

“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,” Biggs remarked. He also emphasized the commitment of the Trustee’s Office to continuously seek ways to better serve Knox County residents.

Help for Veterans

In addition to the expanded eligibility for seniors, Biggs reminded veterans that they may also qualify for tax relief. He encouraged veterans to reach out to the Veterans coordinator for more information on available programs.

Upcoming Sign-Up Events

The Trustee’s Office will host a series of sign-up events throughout October at various senior centers across Knox County. These events are designed to help seniors understand the new eligibility requirements and assist them in the application process. More details regarding these events and a link to the application can be found on the Trustee’s Office website.

This expansion of the tax freeze program represents a significant step in supporting the senior community in Knox County. By addressing the financial challenges associated with rising costs, officials aim to provide much-needed relief to those who have contributed so much to the community over the years.

As the program rolls out, residents are encouraged to stay informed and take advantage of these benefits if they qualify. The goal is to ensure that seniors can continue living comfortably in their homes without the heavy burden of increasing taxes, allowing them to maintain their quality of life.