Property Tax Assistance for Seniors
The City's Property Tax Assistance for Seniors Program is available to pay all or a portion of a homeowner's property taxes. No monthly payments for living expenses are allowed. The City of Madison has worked to keep costs to a minimum. There is no monthly payment.
Charges include:
- Annual interest rate based on the City’s cost of borrowing plus one percent.
- Loan cost includes title search to verify ownership of the property and recording of the lien on your property and any other necessary documents with the Dane County Register of Deeds.This cost is approximately $135 and may be added to the amount borrowed.
Property Qualifications
- The property must be located in the City of Madison.
- The property must be a single-family home, condo or one-half of a duplex.
- The property must be the principal residence of, and owned by, the person(s) applying for the Property Tax Assistance for Seniors mortgage loan program.
Qualifications for Owner(s) of the Property
- At least one owner of the property must be at least 65 years of age.
- The owner(s) of the property must have a combined total liquid assets of less than $30,000 and include but not be limited to such things as: checking accounts, savings accounts, life insurance net cash value, stocks, bonds, mutual funds, money market funds and annuities (non-retirement accounts).
The annual gross income (from all sources) of all household members occupying property must not exceed the following guidelines:
| Applicant Household Size | 80% of Median |
|---|---|
| 1 | $ 66,300 |
| 2 | $ 75,750 |
| 3 | $ 85,200 |
| 4 | $ 94,650 |
| 5 | $ 102,250 |
Based on HOME and CDBG annual Income limits, effective 06/15/2023 until next update.
Frequently Asked Questions
How much am I eligible to borrow?
You may borrow enough to pay all or a portion of your annual property taxes. The cumulative amount borrowed under this program, plus accrued interest and other loans secured by the property, cannot exceed 70 percent of the value of the property. The City Assessor’s value will be used for this purpose.
How are my taxes paid?
At the time of closing on your loan, you will be required to sign a Note, Mortgage and other necessary documents. A lien on your property will then be recorded with the Dane County Register of Deeds. The City will process a check payable to both the property owner and the City of Madison or Dane County. You will then be responsible for paying the taxes in the Treasurer’s Office.
How is the loan repaid?
The loan is due when you sell, non-owner occupy or transfer the title. This loan has no prepayment penalty.
Downloadable Forms
- Application updated 10.30.23
- Beneficiary Information form
- Brochure (Hmoob, Español)
- Checklist
- Permission to Verify
- W-9
Questions?
Please call the CDD at (608) 266-6520 or email homeloans@cityofmadison.com.