2024-01-11 01:38:58
Although the program is time-limited and funds will be distributed on a first-come, first-served basis, seniors should not wait to apply for these additional funds.
In an effort to help older residents remain in their homes, the City of Topeka has announced a tax rebate program for homeowners ages 65 and older.
Initially approved in September, this program, administered by the Department of Administrative and Financial Services, goes into effect this year.
Unlike the Kansas Residential Rebate Program, Topeka’s tax rebate is completely separate and exclusive to those who reside within the city limits.
Councilman Spencer Duncan stated, “This city has reduced the millage tax for consecutive years, and the City Council is committed to working to reduce taxes for citizens.” According to WIBW in Topeka, he added: “The most important thing is to ensure that our most vulnerable citizens can stay in their homes without worrying regarding their tax bills. This program is one more step in that direction.”
Tax discount or stimulus check
The rebate program, for which the city allocated $300,000 in funding, reimburses seniors for a portion of property taxes paid, depending on the total amount of property taxes.
Zack Hellman, owner of Tax Prep Tech, commented: “This initiative helps alleviate the burden of property taxes, a significant expense for seniors with limited incomes. “Programs like this are part of a trend in local governments across the country to help older residents with living costs, especially property maintenance.”
It should be noted that the discount is not available to renters, as it is designed exclusively for those who own and occupy a primary residence within the city limits of Topeka.
Additionally, applicants must have lived in their home for at least five years and have a total annual household income of less than $37,750.
Application forms can be found on the City of Topeka website.
Hellman suggested that similar discount programs might be adopted more widely across the country to improve the financial well-being of seniors, so it’s important to stay informed regarding local government programs.
Financial challenges in the face of inflation
Although Social Security recipients saw a 3.2 percent increase in their benefits this year due to the cost of living adjustment, many feel it is not enough to cover their living expenses due to inflation.
Unlike the 8.7 percent increase experienced last year, the 2024 COLA increase might be disappointing for recipients.
“The lower COLA for 2024 means that the increase in Social Security payments might be insufficient to keep up with the rising costs of essential goods and services,” warned Jonathan Rosenfeld, founder of Rosenfeld Injury Lawyers, who regularly represents old people.
Since older adults typically face higher health care expenditures and living costs compared to the general population, the adjustment is likely not enough.
And because a large number of Americans rely solely on Social Security as a source of income in retirement, many worry regarding the potential implications.
This situation highlights the importance of programs like the Topeka tax break, which seeks to alleviate financial pressure on seniors, especially in times of inflation.
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