HB 649 Summary

• Establishes an additional property tax exemption for homeowners age 65 and older, beginning in tax year 2020, calculated as the difference between current property market value and the value in 2019 (or the year the owner turns 65, if after 2019).

• Requires qualifying seniors to have continuously resided on the same property as their primary dwelling from the time they attained age 65 until claiming the exemption.

• Maintains existing homestead exemption of $100,000 or 50% of market value (whichever is lesser) and adds the age-65+ exemption on top of this base exemption.

• Exempts the additional homeowner exemption from annual reapplication requirements that apply to the standard homestead exemption, though owners must still meet occupation and ownership requirements.

• Corrects a code reference in Section 63-718 regarding property tax deferral termination and declares the act an emergency effective retroactively to January 1, 2020.