HB3702 Summary

• Eliminates the annual reapplication requirement for senior citizens homestead exemptions beginning in taxable year 2016, allowing qualified persons to retain the exemption without reapplying each year.

• Applies to persons age 65 or older who own or have a legal/equitable interest in residential property and are liable for real estate taxes on that property.

• Maximum exemption amounts vary by county size and taxable year, with the current amount set at $5,000 in all counties for taxable years 2013 and thereafter.

• Exemption continues if the qualifying person moves to a licensed assisted living, nursing home, or other care facility, provided a spouse age 65+ occupies the residence or the property remains unoccupied and still owned by the original qualifier.

• Takes effect immediately upon becoming law.