HB2454 Summary

• Increases maximum income limitation for Senior Citizens Assessment Freeze Homestead Exemption from $55,000 to $75,000 beginning in taxable year 2015, but only for applicants who have occupied the residence for 5 or more years.

• Maintains $55,000 income limit for applicants who have occupied the residence for less than 5 years in taxable year 2015.

• Indexes the maximum income limitation to the Consumer Price Index for All Urban Consumers beginning in taxable year 2016 and thereafter, with annual increases capped at the lesser of 2% or the CPI increase.

• Applies separate indexing tracks for applicants based on occupancy duration (less than 5 years versus 5 or more years).

• Effective immediately upon becoming law.