HB2728 Summary

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

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

• Indexes both income limits to the Consumer Price Index beginning in taxable year 2018, with annual adjustments capped at the lesser of 2% or the CPI increase.

• Applies retroactively to taxable year 2017 and thereafter for determining homestead exemption eligibility based on household income.

• Effective immediately upon becoming law.