Property tax refunds could double by 2012 for senior homeowners
CARSON CITY — The property tax rebates some senior citizens receive each year should be doubled to $1,000, but they’d have to hold out until 2012, a legislative committee decided Thursday.
The Senate Taxation Committee voted 5-2 for an amended version of Senate Bill 122.
Low-income seniors now are eligible for property tax rebates of as much as $500 a year. Under the bill, that limit would double to $1,000.
But with the state facing an economic crisis, senators amended the proposal so the higher rebates would begin in 2012. The increase will cost the state about $3 million every two years.
Taxation Chairman Bob Coffin, D-Las Vegas, noted that even if the amended bill becomes law this session, legislators could repeal it at the 2011 session — and seniors would get no more money.
"If we are still in a world of hurt financially and this passes, they can change it next session," he said.
Sen. Terry Care, D-Las Vegas, voted against the bill. He said he wanted the increase to go into effect this year.
Care added it was ridiculous that Nevada cannot give extra money to needy seniors since the $3 million represents a share of the bonuses some AIG executives are receiving.
When many state programs are being cut, Gov. Jim Gibbons actually has proposed in his budget to add $2.4 million in funds this year for the Senior Property Tax Rebate program.
Under this program, people age 62 or older who receive less than $28,058 in annual income can get back each year up to $500 of what they paid in property taxes.
With the state facing budget cuts, grants were cut to as low as $300 last fall.
With the additional money — if approved by the Legislature — average grants can be returned to a level of $340.
People interested in the Senior Citizens Property Tax Rebate Program can pick up applications at their county assessor’s office. The enrollment period is between now and April. Rebates are based on what people paid in property taxes during the previous year.
Senior renters can also qualify for refunds. Their property taxes are computed as 8.5 percent of what they pay in rent.
Contact Review-Journal Capital Bureau Chief Ed Vogel at evogel@reviewjournal.com or 775-687-3901.