SB2685 - Senior Citizens Assessment Freeze Homestead Exemption

• Caps annual property tax liability increases for senior citizens (65+) receiving the homestead exemption to the lesser of: (i) the percentage increase in total equalized assessed value of taxable property in the county, or (ii) one-half the percentage change in the Consumer Price Index

• Applies to properties improved with permanent residential structures occupied by applicants aged 65+, with household income not exceeding $55,000 (as of taxable year 2008 and thereafter)

• Exemption amount calculated as the difference between current equalized assessed value and a base year value, with special income-based reduction multipliers for taxable year 2006

• Exemption continues for surviving spouses and applicants in licensed care facilities (assisted living, nursing home, mental health rehabilitation, or ID/DD community care facilities) if spouse occupies the residence or property remains owned by qualified applicant

• Effective immediately upon enactment