I would like to support the proposal by Jim Petro, of Gary, made on Sept. 24 in changing the property tax laws for the elderly.
Starting at age 70, the real estate property tax is lowered each year by 20% for each of the next 5 years, then no taxes will be due until the owner passes away or sells the property. The property returns to the tax rolls. This will only be available for homestead property.
Presently, you can get a discount on these taxes when you are over 65 if you have less than $25,000 in income and the property is assessed at less than $182,430.
Remember that Lake County now has a Local Income Tax being collected. Where is that money going, by the way?
I would like someone on the Lake County level to respond to Jim Petro's and my proposal.
Joe Lisak, Schererville