Although the program is time-limited and funds are distributed on a first-come, first-served basis, seniors should not wait to apply for this additional funding.
In an effort to help older residents stay in their homes, the City of Topeka has announced a tax abatement program for homeowners 65 and older.
Approved The scheme, which was initially administered by the Department of Administrative and Financial Services in September, came into effect this year.
Unlike the Kansas Residential Rebate Program, Topeka's tax rebate is completely separate and exclusive to those who live within the city limits.
Councilman Spencer Duncan said, “The city has consistently reduced the millage tax over the years, and the city council is committed to reducing taxes for citizens.” According to WIBW in Topeka, he added: “The most important thing is to ensure that our most vulnerable citizens can stay in their homes without worrying about their tax bills. This project is another step in that direction.
Tax exemption or stimulus check
The rebate program, for which the city allocated $300,000 in funds, reimburses seniors a portion of the property taxes paid, depending on the total amount of property taxes.
Zack Hellman, owner of Tax Prep Tech, commented, “This initiative helps reduce the burden of property taxes, a significant cost for low-income seniors.” Programs like this are part of a trend in local governments across the country to help elderly residents with living expenses, particularly property maintenance. is part of.”
It should be noted that the discount is not available to renters as it is specifically designed for those who own and occupy a primary residence within Topeka's city limits.
Additionally, applicants must have lived in their home for at least five years and have a gross annual income of less than $37,750.
Application forms can be found on the City of Topeka website.
Hellman suggested that similar discount programs could be widely adopted across the country to improve the financial well-being of seniors, so it's important to stay informed about local government programs.
Financial challenges in the face of inflation
Although Social Security recipients will see a 3.2 percent increase in their benefits this year due to cost-of-living adjustments, many feel it will not be enough to cover their cost of living due to inflation.
Unlike the 8.7 percent increase experienced last year, the 2024 COLA increase will be disappointing for recipients.
“A lower COLA for 2024 means that increases in Social Security payments will not be enough to keep up with the rising costs of essential goods and services,” warned Jonathan Rosenfeld, founder of Rosenfeld Injury Lawyers, which routinely represents seniors.
Because older adults typically face higher health care costs and costs of living compared to the general population, adjustment may not be sufficient.
Also, many are worried about the potential implications as more Americans rely on Social Security as their sole source of income in retirement.
This situation highlights the importance of programs like the Topeka tax credit that seek to ease the financial strain on seniors, especially in times of inflation.
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