CS/HB 357 Summary

• Counties and municipalities may adopt ordinances granting additional homestead tax exemptions to seniors age 65+ with household income not exceeding a specified amount, subject to approval by super majority vote for certain exemptions.

• Two types of additional exemptions authorized: (a) up to $50,000 exemption for seniors with household income not exceeding $20,000 (adjusted annually for cost-of-living), or (b) full assessed value exemption for properties with just value less than $250,000 if owner has maintained permanent residence for at least 25 years.

• Taxpayers claiming exemptions must annually submit sworn statements of household income by March 1, supported by federal tax returns, W-2 forms, and other documentation as required by the Department of Revenue.

• Property appraisers authorized to conduct random audits of exemption claims and may file tax liens with 50% penalty plus 15% annual interest for improperly granted exemptions within the previous 10 years.

• Bill takes effect upon approval of House Joint Resolution 169 at the general election in November 2012 or earlier special election, first applying to the 2013 tax roll; $93,403 appropriated to the Department of State for publishing purposes.