"According to the proposal, the cost of the program would equal approximately 3% of Tennessee's annual state budget. It could be funded by the state's recurring surplus estimated at $1.5 billion to $2.5 billion per year. Mitchell asserted that Tennessee has the fiscal capacity to support the initiative without cutting existing services or raising taxes. The money is there. The question is priority, he said."
"Under current law, Tennessee operates a property tax relief program that reimburses qualifying, low-income elderly and disabled homeowners for part of their annual property tax obligation. That program administered by the state comptroller's office typically distributes more than $40 million annually in tax relief to 100,000-plus residents. Mitchell and other advocates for the proposal say it would help prevent tax foreclosures while allowing older homeowners to redirect limited income toward local goods, services and health care. This is responsible stewardship, not reckless spending, Mitchell added."
Eligible participants must have maintained continuous in-state residency for 20 years or more. The program would cost approximately 3% of Tennessee’s annual state budget and could be funded from a recurring surplus estimated at $1.5 billion to $2.5 billion per year. Advocates assert the state can support the program without cutting services or raising taxes and contrast the cost with roughly $1 billion in annual tax cuts to large businesses. Tennessee currently reimburses qualifying low-income elderly and disabled homeowners about $40 million annually. The proposal aims to prevent tax foreclosures, preserve seniors’ incomes for local goods and health care, and seeks public support via a Change.org petition.
Read at www.housingwire.com
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