The Main Criteria for tax relief are as follows:
ALL owners must live in the household.
You must be 65 or older as of December 31st of the preceding year or be totally and permanently disables as of the same date.
You must live in the home and it has to be your sole residence.
The total gross income of all occupants or the home must not exceed $52,000 from all sources, taxable or non-taxable.
For property jointly owned by husband and wife or by a single taxpayer, the COMBINED NET WORTH of the owner(s) and spouse(s), excluding the value of the home and up to ten acres of land upon which the home is situated, must not exceed $200,000. Please note that only the home and up to one acre of land is eligible for actual tax relief although up to ten acres of land may be excluded from the net worth calculation.
NEW FOR 2008 APPLICATION: For property jointly owned by co-owners (other than husband and wife), the COMBINED NET WORTH of the owners must not exceed $324,075, WITHOUT any exclusion for the dwelling and land.