HB2362 Summary

• Increases the maximum income limitation for the Senior Citizens Assessment Freeze Homestead Exemption from $55,000 to $75,000 for applicants who have occupied their residence for 5 or more years, effective in taxable year 2017.

• Maintains the $55,000 income limit for applicants who have occupied the residence for less than 5 years beginning in taxable year 2017.

• Indexes the maximum income limitation to the Consumer Price Index for All Urban Consumers beginning in taxable year 2018, with annual increases capped at the lesser of 2% or the prior year's CPI increase.

• Applies separate indexing calculations for applicants based on length of residence (less than 5 years versus 5 or more years).

• Becomes effective immediately upon passage.