The Brookfield Town Board would like to change the senior citizen’s real property exemption income to coincide with the County's senior exemption schedule. In 2007 the Madison County adopted a resolution increasing income limits for qualified senior citizens; The Town Board would like to adopt a similar schedule of income limits (see below) and allow more low-income seniors to take advantage of the exemptions at the TOWN level. State law allows the Town to adopt the increased schedule by a Resolution held after public hearing; this increased level would take effect for the March 1, 2012 taxable status date;
The Town Board passed the resolution at their February 13 Regular Meeting and will hold the PUBLIC HEARING February 23, 2012 at 7:00 pm at the Brookfield Town Hall.
Below is a schedule of the proposed income scale.
Example - a senior citizen with an annual income of less than $18,000 (vs. $12,000 currently) would receive a 50% tax exemption from TOWN and COUNTY taxes.
ANNUAL
INCOME RANGE & EXPEMSPTION %:
$ 0.00 $18,000 50%
18,000 19,000 45%
19,000 20,000 40%
20,000 21,000 35%
21,000 21,900 30%
21,900 22,800 25%
22,800 23,700 20%
23,700 24,600 15%
24,600 25,500 10%
