HB35 Summary

• Proposes a constitutional amendment for Limestone County authorizing qualified taxpayers age 65 or older to claim a senior property tax exemption on single-family owner-occupied residential property used as their principal residence for at least 5 years prior to claiming the exemption.

• Freezes the assessed value of the property at the year immediately prior to when the exemption is first claimed for ad valorem tax purposes.

• Allows taxpayers to continue claiming homestead exemptions and any other exemptions authorized by law while receiving the senior property tax exemption.

• Property remains subject to millage rate changes, and any additions to the property after claiming the exemption are taxed based on the increase in assessed value from the addition.

• Election on the proposed amendment scheduled for the first primary election in 2022, with the Department of Revenue authorized to adopt implementing rules.