HB24B-1004 Summary

• Increases property tax relief for qualified-senior primary residence real property in 2025 by changing the deduction from 10% to 15% of actual property value, with a maximum of $55,000 instead of $70,000.

• For 2026 and beyond, qualified-senior primary residences receive the same 15% deduction or $55,000 maximum, with adjustments for inflation in subsequent reassessment cycles.

• Beginning in 2026, all other residential real property (non-senior) receives increased property tax relief with a 15% deduction or $55,000 maximum, replacing the previous 10% deduction or $70,000 maximum.

• Bill applies only to levies imposed by local governmental entities other than school districts and takes effect contingent on Senate Bill 24-233 becoming law.

• Legislation becomes effective only if neither a valuation-reduction initiative nor a voter-approval-for-revenue initiative is approved by voters at the November 5, 2024 general election.