HB0156 Summary

• Amends the Property Tax Code to allow senior citizens to reduce their household income by Medicare premiums paid when calculating eligibility for the Senior Citizens Assessment Freeze Homestead Exemption, effective for taxable year 2015 and thereafter.

• The exemption applies to homeowners age 65 or older with household income not exceeding the maximum limitation ($55,000 in taxable year 2008 and thereafter) who occupy their principal residence.

• Medicare premium deductions help qualifying seniors remain eligible for the assessment freeze, which limits property tax increases to the base year equalized assessed value plus improvements made after the base year.

• The bill takes effect immediately upon becoming law.