2020-03-25-AC-ATM-rpt - Laserfiche WebLink

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APPROPRIATION COMMITTEE-2.020 ATM 25 March 2020 • Pay a wage in excess of the minimum wage. • Allow a higher amount to be credited against a participant's property tax bill than permitted under state law. Although the Board of Selectmen has the authority to expand eligibility to persons under age 60 who are disabled or handicapped,it has not yet done so,nor has it adopted a wage in excess of the state's minimum wage. The current eligibility qualifications and benefit limits are detailed in the table below. CPA Surcharge Exemption Low-to-moderate income homeowners age 60 or over, and low-income homeowners under age 60, may obtain a 100%exemption from the CPA surcharge on their property tax. These exemptions directly reduce the amount of CPA revenue that the Town receives. Tax Relief Programs—Limits and Qualifications as of December 2019 State Income Tax Circuit Breaker Maximum assessed valuation $808,000 Income limits • Single individual $60,000 • Head of household $75,000 • Married,filing jointly $90,000 Maximum tax credit $1,130 41A Property Tax Deferral Income limit(single or married) $75,000 Interest rate for FY2020 2.55% Total amount deferred in FY2019 $401,850 Cumulative deferred as of 6/30/2019 $1,797,948 41C Property Tax Exemption Single Married Income limit $27,830 $41,747 Assets limit $55,665 $76,537 Senior Service Program Income eligibility $70,000 Maximum benefit per household (140 hours) $1,540 Hourly Rate $11.00 Complete details on all of the tax and utility relief programs available to Lexington residents are set forth in a brochure entitled Property Tax Relief Programs, Fiscal Year 2020, available on the Town web site at http://www.lexingtonma.gov/taxrelief. 59