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Tax commissioner briefs committee on homestead, disabled‑veteran and primary‑residence tax credits
Summary
Tax Commissioner Brian Krashes told the budget section how Homestead, Disabled Veteran and Primary Residence credits work, described recent statutory expansions, deadlines and outreach results, and warned of tight appropriations for the current biennium.
Tax Commissioner Brian Krashes presented an overview of three major property‑tax relief programs — the Homestead Property Tax Credit, the Disabled Veteran Credit and the Primary Residence Credit (PRC)—and answered committee questions about eligibility, outreach and budgetary risk.
Krashes reminded members that the Homestead Property Tax Credit, enacted in 1969, reduces taxable value for homeowners who are 65 or older or permanently and totally disabled and who meet net household income thresholds (statute shows $70,000 or less, with medical expenses deductible). He said the program’s parameters have been amended over time and that annual fluctuations in income…
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