HB410 Summary

• Increases the net annual taxable income threshold for ad valorem tax exemption from $7,500 to $30,000 for persons who are totally disabled or age 65 and older.

• Applies the exemption to the principal residence and 160 adjacent acres of qualifying individuals, requiring the residence to be a single-family dwelling owned and occupied by the exemption claimant.

• Phases in the $22,500 income increase over three tax years, adding $7,500 in exempted income for each of the following periods: tax year ending September 30, 2012; tax year ending September 30, 2017; and tax year ending September 30, 2022.

• Allows income verification through either the latest United States income tax return or an affidavit stating net taxable income does not exceed the threshold if filing is not required.

• Becomes effective on the first day of the third month following passage and approval by the Governor.