City Council
Council considering property tax exemptions for longtime residents.
Rising values in redeveloping areas can mean higher property taxes for longtime homeowners. Now, the mayor has sent council a plan letting some defer or be exempt from those increases. It aims to keep low-income residents from being taxed out of their homes. Owners generally need at least 10 years of ownership and residency, among other rules.
Written by Amy Whipple
- Council received legislation from Mayor Gainey to create a Longtime Owner Occupant Tax Exemption Program (LOOP).
- Under LOOP, eligible homeowners will continue to pay property taxes but can defer or be exempt from tax increases.
- The program aims to protect low-income residents in redeveloping areas from being taxed out of homeownership as market values rise.
- State legislation permitting LOOP passed last summer.
- Eligibility requirements include:
- Ownership and residency for at least 10 years (5 years if receiving housing assistance)
- A property assessment value increase of over 25% in one year, or 50% over five years
- All real estate taxes current or a payment plan in place
- Household income at or below 120% of the area median income (adjusted for household size)