Dear Editor,
In Putnam County the Homestead Exemption has not changed in decades despite the huge increase in home values, particularly over the recent years. It is time for an increase in the Homestead Exemption, particularly for our senior residents. An increase in the Homestead Exemption not only would decrease the tax burden for seniors but also encourage growth in our residential population – a major factor in the future of Putnam County.
I would advocate for an increase in the Homestead Exemption for seniors (70+ who have qualified for the F1 freeze exemption – a readily identifiable population) from the present $10,000 to $40,000 for both the County and School taxes. In my view, it is imperative that the County Commission and the Board of Education both agree to increase the Homestead Exemption in order to give seniors maximum tax relief.
I urge the County Commission and the Board of Education to consider this proposal and initiate local legislation to give our seniors Tax Relief.
Under this proposal (using the 2021 tax digest and millage rates), seniors would receive up to $682 in tax relief - $232 in County taxes and $450 in School taxes. Per the 2021 Tax Digest, Putnam County has approximately 1300 senior residents (70+ with F1 freeze exemptions) – 200 in the City and 1100 in the unincorporated area.. This number has been reasonably constant over the past few years. Accordingly the anticipated loss of revenue, under this proposal, would be approximately $300,000 for the County and $585,000 for the School or about 2.6% of the property taxes.
Anticipating another increase in the Tax Digest for 2022 and hoping that the Boards exercise reasonable Spending Controls, both the County and the School could easily absorb the tax reduction without any significant reduction in revenue.
I thank the Board members for their serious consideration of this proposal.
Stephen Hersey
Putnam County