HB422 Summary

• Increases the annual adjusted gross income threshold for homestead exemptions from $12,000 to $20,000 for residents over 65 years of age, effective October 1, 2022.

• Creates a new subsection (e) in Section 40-9-19 establishing the higher income limit while maintaining the $5,000 assessed value or 160-acre exemption cap for qualifying seniors.

• Extends homestead exemption eligibility to seniors with incomes between $12,000 and $20,000, in addition to those retired due to permanent and total disability or who are blind regardless of age.

• Requires Department of Revenue to define disability criteria and issue certificates of permanent and total disability for qualifying individuals.

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