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Commissioner outlines proposed expansion of Lexington’s tax-relief program for seniors
Summary
Commissioner of Revenue Karen Roundy proposed raising income brackets and increasing the net-worth exclusion for the city’s real-estate tax relief for elderly residents; council members asked about indexing and implementation steps.
Commissioner of Revenue Karen Roundy presented proposed changes to Lexington’s real-estate tax-relief program for elderly residents at the Dec. 18 council meeting, urging the council to consider higher income thresholds and a larger net-worth exclusion to reflect inflation and comparability with neighboring jurisdictions.
Roundy said the current real-estate relief schedule is tiered by combined gross income: 0–$12,000 receives 80% relief; $12,001–$18,000 receives 60%; $18,001–$24,000 receives 40%; and $24,001–$30,000…
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