Auburn would set senior property tax exemptions at $1,500

Auburn would set the covered property tax exemption at $1,500. The exemption would apply to qualifying real property in Auburn under the referenced senior exemption law. Homeowners would still need to qualify under the referenced exemption rules, with the adjustments described here.

Auburn would use revised financial limits to decide who qualifies for the exemption. These financial limits would apply to applicants for Auburn's covered property tax exemption. The two amounts in subclause (B) would each equal 50% of the area's median income, adjusted for household size. The two amounts in subclause (C) would be no more than $80,000 and $110,000, respectively. The adjustments would not receive further changes under the referenced law's second sentence. Upon passage, the income-based calculation would use the latest federal housing figure available as of July 1 at the start of the fiscal year for which the exemption is sought.

The ownership rules would allow an older homeowner to share ownership with a child under 70. The provision would cover Auburn homeowners who share legal ownership with their child, either jointly or through separate ownership shares. The homeowner would need to turn 70 before the fiscal year for which the exemption is sought. The child would need to be under 70, and the homeowner would need to live in the property as their main home. This ownership provision would take effect upon passage.