An individual 65 years of age on or before December 31 of the calendar year preceding the year the deduction is claimed is eligible for a deduction of $12,480 from the assessed value of real property on which he or she currently resides if they meet the following qualifications:
- The combined adjusted gross income of the individual and his or her spouse or other persons with whom the property is being shared or purchased did not exceed $25,000 for the preceding calendar year
- The individual has owned the property for at least one year
- The assessed value of the real property did not exceed $182,400
- The individual receives no other property tax deduction for the same year the individual applies for this deduction, with the exception of the mortgage and standard deductions
Mobile Home Owners
Mobile home owners may also qualify for the age 65 deduction in the amount of the lesser of one-half of the assessed value of the mobile home or $3,000. Mobile home owners must meet the four qualifications listed above for real property owners.
This deduction is also available to surviving spouses of deceased individuals who were at least 65 years old at the time of death if the surviving spouse is at least 60 years of age on or before December 31 of the year preceding the year being claimed, and has not remarried. Only one age 65 deduction per piece of real property or mobile home is allowed.