GENEVA — With City Council contemplating a proposed 21.5% hike in the tax levy for 2025, some senior homeowners will be glad to know they’re getting bigger tax breaks in the future — so long as they meet income eligibility and, of course, apply.
Last week, Council unanimously approved a new exemption schedule for those 65 and older following a public hearing on the proposal. The exemption takes effect for the 2026 budget year.
“It would align with county exemption levels, allowing our seniors to receive an additional exemption,” City Manager Amie Hendrix told Council members at their Oct. 2 meeting. “Those exemptions would be taken off the total taxable assessed value of the community and you would have a slight increase for those not experiencing that exemption, which is around 2 cents (off the tax rate).”
That would be close to $2.5 million off the new tax roll, or about $1.4 million more than the previous one.
Hendrix estimates that only about 30-50 currently receive the exemption, but she added that number is growing.
“We’ve already seen some increased participation with our current levels because we’ve notified people that we offer this,” she said. “Another piece is some people just weren’t aware of the exemption.”
Ward 3 Councilor Pat Grimaldi, a former city assessor, said those who qualify can get the county exemption as well with a stop at the Assessor’s Office at City Hall, 47 Castle St.
“Anybody who’s doing the county one will automatically be doing the city one, so there really isn’t another form or anything else,” Grimaldi said. “It isn’t like a lot of work for people.”
Grimaldi said the exemptions likely are specific to taxpayers whose household income has dropped. As an example, Grimaldi offered the death of a spouse who had a pension and Social Security.
“Now, she is trying to live on $24,000 and live in the house,” he said.
The goal is to soften the tax blow for seniors with lower incomes and not force them to sell their homes.
“Do you want that person to stay in the house? Well, I want them to stay in the house,” Grimaldi said.
Hendrix said City Assessor Tina Rados has all the possible exemptions outside her office. However, the city manager warned that seniors still might see higher tax bills in 2025, explaining that those with higher assessment levels “might pay more” even though they are receiving the higher exemption.
Here is the new senior exemption scale:
• Household income up to $18,000 — 50% exemption.
• $18,000.01 to $18,999.99 — 45%.
• $19,000 to $19,999.99 — 40%.
• $20,000 to $20,999.99 — 35%
• $21,000 to $21,899.99 — 30%
• 21,900 to $22,799.99 — 25%
• 22,800 to $23,699.99 — 20%
• $23,700 to $24,599.99 — 15%
• $24,600 to $25,499.99 — 10%
• $25,500 to $26,399.99 —5%
There is no exemption for senior households with incomes over $26,400.
According to the Social Security Administration, the estimated average monthly Social Security retirement benefit as of January 2024 is $1,907.
