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 stay in their homes, the City of Topeka has announced a tax rebate program for homeowners 65 and older.
Initially approved in September, the program, administered by the Department of Administrative and Financial Services, will take effect this year.
Unlike the Kansas Residential Rebate Program, Topeka’s tax rebate is completely separate and exclusive to those who live within the city limits.
“The city has consistently reduced the millage tax over the years, and the City Council is committed to working to reduce taxes for citizens,” said Councilman Spencer Duncan. According to WIBW in Topeka, he added: “The most important thing is to make sure our most vulnerable citizens can stay in their homes without worrying about their tax bills. This program is another step in that direction.”
A 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 based on the total amount of property taxes owed.
Zach Hellman, owner of Tax Prep Tech, commented: “This initiative helps reduce the burden of property taxes, which is a significant expense for seniors on limited incomes. “Programs like this are part of a trend in local governments across the country to help older residents with living expenses, especially property maintenance.”
It should be noted that the discount is not available to renters, as it is only designed for those who own and occupy a primary residence within the city limits of Topeka.
In addition, applicants must have lived in their home for at least five years and have a gross 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 could be adopted more widely across the country to improve seniors’ financial well-being, so it’s important to stay informed about local government programs.
Financial challenges against inflation
Although Social Security recipients saw their benefits increase by 3.2 percent this year because of a cost-of-living adjustment, many feel it will not be enough to cover their living expenses due to inflation.
Unlike the 8.7 percent increase experienced last year, the 2024 COLA increase could be disappointing for recipients.
“A lower COLA for 2024 means that increases in Social Security payments may be insufficient to keep up with rising costs of essential goods and services,” warned Jonathan Rosenfeld, founder of Rosenfeld Injury Lawyers, which regularly represents older people.
Older adults generally face higher health care costs and living costs than the general population, so adjustment may not be adequate.
And because a large number of Americans rely solely on Social Security as a source of income in retirement, many worry about the potential implications.
This situation underscores the importance of programs like the Topeka Tax Break, which attempt to relieve financial pressure on seniors, especially in times of inflation.
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