HB2563 Summary

• Increases the maximum household income limitation for the Senior Citizens Assessment Freeze Homestead Exemption from $55,000 to $75,000 for taxable year 2017 and all subsequent years.

• Maintains previous income limits of $35,000 (pre-1999), $40,000 (1999-2003), $45,000 (2004-2005), and $50,000 (2006-2007) for their respective periods.

• Applies the exemption to seniors aged 65 and older who own or have legal/equitable interest in their primary residence and meet the income requirement.

• Takes effect immediately upon becoming law.