HB5767 Summary

• Increases the maximum income limitation for the Senior Citizens Assessment Freeze Homestead Exemption from $55,000 to $75,000 for applicants who have occupied their residence for 5 or more years, effective for taxable year 2012.

• Maintains the $55,000 income limitation for applicants who have occupied their residence for less than 5 years in taxable year 2012.

• Indexes both income limitations to the Consumer Price Index for All Urban Consumers beginning in taxable year 2013, with annual increases capped at the lesser of 2% or the actual CPI increase.

• Applies these changes to real property improved with a permanent residential structure occupied by senior citizens (age 65 or older) with qualifying household incomes.

• Takes effect immediately upon becoming law.