If you own property or a mobile home, or are buying on a recorded contract, and you were over the age of 65 December 31st of the prior year, you could qualify for this deduction if you owned the property before March 1st of the current year and meet the following requirements:
Maximum Deduction Amount: The lesser of $12,480 –or– 1/2 of the assessed valuation of the property.
Maximum Credit Amount: Tax liability minus the product of tax for preceding year multiplied by 1.02. Prevents eligible senior citizen’s property tax liability from increasing by more than 2 percent.
For the surviving spouse deduction you must be over the age of 60, and the deceased spouse must have been at least age 65 at time of death.
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