HB0493 Summary

• Increases the maximum income limitation for the Senior Citizens Assessment Freeze Homestead Exemption from $55,000 to $75,000 beginning in taxable year 2016 for applicants who have occupied their residence for 5 or more years.

• Maintains the $55,000 income limit for applicants who have occupied the residence for less than 5 years starting in taxable year 2016.

• Indexes the maximum income limitation to the Consumer Price Index beginning in taxable year 2017, with annual increases limited to the lesser of 2% or the CPI increase.

• Applies separate income thresholds and indexing schedules for long-term residents (5+ years) versus newer residents (less than 5 years) going forward.

• Takes effect immediately upon becoming law.