HB375 Summary

• Increases the adjusted gross income threshold for county property tax exemptions from $12,000 to $39,900 for residents over 65 years old, retired due to permanent disability, or blind.

• Raises the net annual taxable income limit from $7,500 to $25,000 for principal residence and adjacent 160 acres exemptions for persons 65 or older or totally disabled.

• Exempts qualifying homesteads from ad valorem property taxes levied by counties, including school district taxes, with exemptions capped at $5,000 in assessed value or 160 acres.

• Requires income verification through state income tax returns or affidavits, with disability certifications available through the Department of Revenue.

• Becomes effective immediately upon passage and approval by the Governor.