I just ran across an article in the Las Vegas Review Journal online entitled, “Rebate program cuts proposed“. According to this article, the Nevada board of Examiners has cut the average tax rebate checks for residents who are 62 and older by approximately $10 per year. By law, Nevada residents who are 62 or older and earn less than $27,863 per household are eligible for rebates on the property taxes they paid the year before. However, the budget allotted for these rebates by the legislature this year was insufficient, so certain cutbacks had to be made. Another main reason for the cutbacks is that the Division of Aging Services has lost $243,000 due to the state’s budget cuts. Nevada, like many other states has had to make cutbacks because of the nation’s current economic woes.
This comes at a time when there are more older residents who are in need of financial help. According to Carol Sala, the Division of Aging Services administrator, 4,000 more people applied for rebates this year than last.
Though Nevada’ property tax rebate program for residents who are 62 or older has been functioning since the 1970s, there are still some who are not aware that they may potentially be eligible for rebates.
Persons who are 62 or older are eligible for up to $500 per year in rebates, although there are other restrictions besides the income limit. People who have more that $150,000 in liquid assets or whose homes have an assessed value of more than $200,000 will not qualify for the tax rebate checks.
Assuming that this rebate check cut is backed by the Legislature’s Interim Finance Committee on November 20, most folks should have their checks by mid-December. In all, about 12,711 residents can expect to receive checks. The average check is expected to be some $334.
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Interesting post=D I will visit soon!