SB24-111: Qualified-Senior Primary Residence Property Tax Reduction

• Creates "qualified-senior primary residence real property" classification for seniors who previously received the senior homestead exemption for a different property but no longer qualify for it, effective for property tax years 2025-2026.

• Reduces the valuation for assessment of qualifying senior properties from 7.15% to 7.15% of the amount equal to actual value minus the lesser of 50% of the first $200,000 or the amount that reduces the assessment to $1,000.

• Requires seniors to file applications with county assessors by July 15 of the first tax year seeking the classification, with late applications accepted through July 15 of the following year but with no appeal rights for denials.

• The state reimburses local governments for property tax revenue lost due to the classification through warrants issued by the state treasurer, with reimbursement paid from the state general fund and not subject to spending limit restrictions.

• Establishes reporting and verification procedures requiring county assessors and treasurers to track classifications, with the state registrar of vital statistics identifying deceased property owners annually to remove ineligible classifications.