Economy

Deadline For $650 Property Tax Rebate From Pennsylvania For 65 Years And Older

Pennsylvania homeowners 65 years and above could soon be eligible for an additional one-time bonus property tax rebate of up to $650. This one-time property tax rebate from Pennsylvania will go to residents who are approved for the standard rebate on property taxes or rent paid in 2021.

Property Tax Rebate From Pennsylvania: What Is It?

Gov. Tom Wolf proposed this one-time property tax rebate from Pennsylvania to assist older and disabled residents who are still recovering from the COVID-19 pandemic. The proposal ensures that the most vulnerable residents get financial support during a time of need.

“I proposed these bonus rebates to help thousands of older Pennsylvanians and Pennsylvanians with disabilities deal with inflation and higher prices — and, most importantly, stay in their homes,” Gov. Wolf said previously.

This one-time bonus rebate will go to Pennsylvanians who have been approved for a rebate on property taxes or rent paid in 2021. Residents who have filed their 2021 claims don’t need to take any other action to receive the rebate. Those who haven’t yet filed their 2021 claims have until the end of the year to apply for the rebate.

As noted above, this property tax rebate will benefit residents who are 65 years or older, widowers 50 years and older, as well as people with disabilities who are at least 18. Even spouses, personal representatives or estates will also be able to file rebate claims on behalf of claimants who lived at least one day in 2021 and met all other eligibility requirements.

To get more details on the one-time bonus property tax rebate from Pennsylvania, visit this link.

Who Will Get It And How Much?

To qualify for the rebate, the annual income of the homeowners should be $35,000 or less, while the income limit for renters is $15,000 or less. It must be noted that half of Social Security income is excluded for the purpose of calculating the income for the rebate.

Eligible Pennsylvanians will receive the rebate in the same way that they get their normal rebate, i.e., either through check or direct deposit, according to the Pennsylvania Department of Revenue.

The maximum standard rebate is $650, but the rebate amount could increase to $975 if the homeowners qualify for supplemental rebates. The bonus rebate amount will be equal to 70% of the original rebate amount for every claimant who was approved for a rebate on rent or property taxes paid in 2021.

The maximum standard rebate for homeowners with income up to $8,000 is $650; those with income above $8,000 and up to $15,000 will get $500; those with income above $15,000 and up to $18,000 will get $300; while those with above $18,000 and up to $35,000 will get $250.

Similarly, the maximum standard rebate for renters with income up to $8,000 is $650, while those with income above $8,000 and up to $15,000 will get $500.

For an example of the expected amount, someone who received the maximum standard rebate of $650 for the 2021 claim year will receive an additional one-time bonus rebate of $455 (70% of the original rebate). So, the claimant will receive a total of $1,105 with the standard rebate and one-time bonus rebate.

Pennsylvania’s Department of Revenue has already started issuing the one-time rebate, and is working to distribute the remaining rebates in a timely manner. The department will also be issuing letters to the 2021 claimants of the Property Tax/Rent Rebate program, detailing their total rebate amount, including the original rebate for 2021 and the one-time bonus rebate that the claimant will receive.

This article originally appeared on ValueWalk

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.