[Adopted 4-10-2014 by Ord. No. 576]
Any person(s) who qualifies to receive the Town's senior citizens
and disabled tax exemption and who meets additional qualifications
shall also be entitled to receive a base tax credit which will be
a reduction in the amount of the base tax those who qualify for the
credit are charged.
The amount of a base tax credit shall be as follows:
A.
Those with a modified income which is between $0 and $25,000 will
receive a reduction in their base tax which is equal to 60% of the
Town’s base tax rate which shall be known as the “base
tax credit.”
[Amended 1-14-2016 by Ord. No. 611; 1-14-2021 by Ord. No. 655]
B.
Those with a modified income which is between $25,000 and $45,000
will receive a reduction in their base tax which is equal to 35% of
the Town’s base tax rate which shall be known as the “base
tax credit.”
[Amended 1-14-2016 by Ord. No. 611; 1-14-2021 by Ord. No. 655]
C.
Those with a modified income which is more than $38,000.00 will not
be eligible to receive the base tax credit.
Modified income for the purpose of qualifying for the base tax
credit shall be determined by considering all income from whatever
source derived, including but not limited to realized capital gains
and, in their entirety, pension, annuity and retirement benefits,
as defined herein, for any tax year for which an exemption is claimed,
"income" shall be determined to be equal in amount to the income received
during the calendar year or the taxpayer's fiscal year ended immediately
preceding December 31 of the pretax year, but no taxpayer shall use
a fiscal-year basis unless he so elects to do so and files his federal
income tax return on such basis.
Application for the base tax credit shall be made in addition
to the applicant's application for the Town's senior citizens and
disabled tax exemption and shall be filed with the Town Manager of
the Town of Elsmere on or before April 15 of the tax year.
Application for the base tax credit must be made annually so
that income may be confirmed.
