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.
To help older residents stay in their homes, the city of Topeka has announced a tax rebate program for homeowners 65 and older.
The program, which was initially approved in September and is administered by the Department of Administration and Financial Services, will come into effect this year.
Unlike the Kansas Residential Rebate Program, Topeka’s rebate is completely separate and only available to those who live within the city limits.
“The city has lowered its mileage tax for many years in a row, and the City Council is committed to providing tax relief for our citizens,” Councilman Spencer Duncan said. “The most important thing is to ensure our most vulnerable,” he added, according to WIBW in Topeka. Citizens will be able to stay at home without worrying about their tax bills. This plan is another step in that direction.”
tax discount or stimulus check
The rebate program, allocated $300,000 by the city, will refund a portion of property taxes paid to seniors based on the total property tax bill.
Zack Hellman, owner of Tax Prep Tech, commented: “This initiative helps reduce the burden of property taxes, which are a significant expense for seniors with limited incomes. “Like this The program is part of a trend across the country for local governments to help older residents pay for living expenses, particularly property maintenance costs. ”
It should be noted that this discount does not apply to renters, as it is designed specifically for those who own and occupy a primary residence within the Topeka city limits.
In addition, applicants must have lived in the 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.
Herman suggested that similar discount schemes could be adopted more widely across the country to improve the financial well-being of seniors, so it’s important to know what your local government’s plans are.
Financial challenges in the face of inflation
Although Social Security recipients’ benefits increased by 3.2% this year due to cost-of-living adjustments, many people believe this is not enough to cover their living expenses due to inflation.
Unlike last year’s 8.7% growth, Coke’s growth in 2024 may disappoint recipients.
Jonathan Rosenfeld, founder of Rosenfeld Injury Lawyers, which frequently represents seniors, warned: “The COLA decline in 2024 means the increase in Social Security benefits may not be enough Keep up with the rising costs of essential goods and services.”
Because older adults typically face higher health care expenditures and living costs than the general population, adjustments may not be enough.
With so many Americans relying solely on Social Security as a source of retirement income, many are concerned about the potential impact.
The situation highlights the importance of programs like the Topeka tax cut, which are designed to alleviate financial stress on seniors, especially during times of inflation.