Letter to the editor: Homestead Tax Credit can help some residents
The Jamestown City Council found it necessary to pass a painful budget to try to put the city on sound financial ground. This is the harsh reality of the situation.
The North Dakota Homestead Tax Credit is for senior citizens and disabled. If 65 years of age or older or permanently disabled this may reduce the property taxes on your home. This tax credit is intended to help seniors and disabled stay in their homes. The Homestead Tax Credit starts with a 10 percent reduction of your property tax at $42,000 income after allowable deductions to a 100 percent reduction at $22,000. You must file an application with the city assessor or the county director of Tax Equalization by Feb. 1. One can have $500,000 in assets and still qualify for the tax credit.
The city and other local political subdivisions do not lose income. The reduced amount of taxes are reimbursed by the State of North Dakota.
Last year Jamestown received only $67,000 through this program. This must mean elderly and disabled in Jamestown are not claiming this tax credit. If you or you know someone who meet the requirements, please look into the Homestead Tax Credit, it is there for a reason.