HB0277 Summary

• Amends the Property Tax Code Section 15-172 regarding the Senior Citizens Assessment Freeze Homestead Exemption by increasing the maximum household income limitation from $55,000 to $75,000 for taxable year 2017 and thereafter.

• Maintains previous income limitations of $35,000 (pre-1999), $40,000 (1999-2003), $45,000 (2004-2005), and $50,000 (2006-2007), with $55,000 applying to taxable years 2008 through 2016.

• Exemption applies to senior citizens age 65 and older who own or have legal/equitable interest in their principal residence and meet the income requirements.

• Takes effect immediately upon becoming law.