City Councilman Ken Cockayne, the Republican candidate for mayor of Bristol, in a press released announced he has a plan “to create a Revolving Fund to implement an Elderly Tax Freeze in the City of Bristol.”
The Republican nominee, in the news release, “many other communities in Connecticut are going down this path in an effort to help keep many elderly residents in their homes.”
“I believe with these tough economic times we need to look at every option available to help ease the burden of those residents who live on a fixed income,” Cockayne added, according to the release, “I intend to ask the City Council’s Ordinance Committee to look into adopting an Elderly Tax Freeze Program for the next fiscal year.”
The details of Cockayne’s plan, said the release, are:
The resident must be age 65 and older
The resident must have primary residence in the City of Bristol
The home must be the primary residence of the homeowner
The resident must meet an established income limit
No more than $40,000 for a single taxpayer
No more than $48,000 if married
The applicant must reapply every two years
Questions about any qualification or denial maybe appealed to the Board of Assessment Appeals
According to the campaign news release, Cockayne is mirroring his plan in the same fashion as a reverse mortgage. “The property owner would never pay more than the tax at the time of the application,” Cockayne continued, “The Revolving Fund that would be created would pay the difference in taxes annually.”
“Any monies that are paid out by the Revolving Fund would be recouped after the sale of the property for face value of the payments and no interest added” Cockayne said in the release.
“This proposal provides immediate relief for our elderly residents who have seen their incomes frozen over the past few years due to no increases in Social Security,” Cockayne added, “The burden to our elderly residents would be relived.”
“The City Council’s Ordinance Committee would have to create the new ordinance and the Board of Finance would have to create the Revolving Fund which Cockayne said could be established by using dollars from our Rainy Day Fund,” said the news release from Cockayne’s campaign.