House Bill 310 - Property Tax Reduction Summary

• Increases income limitation threshold from $28,000 to $31,900 per household for tax year 2021 and thereafter for property tax reduction eligibility.

• Establishes a new "resources limitation test" requiring total liquid and nonliquid financial resources of a household not to exceed $20,000 (adjusted annually for inflation after 2021) when home assessed valuation exceeds the county median.

• Exempts veterans with 100% service-connected disability rating or individual unemployability rating from the resources limitation test requirement.

• Increases maximum property tax reduction amounts from $1,320 to $1,320500 for lowest income limit and from $150 to $150250 for highest income limit in tax year 2021 and thereafter.

• Defines "resources limitation test" to include both liquid resources (cash, savings accounts, stocks, bonds) and nonliquid resources (vehicles, land, recreational properties) excluding the claimant's homestead.