HB3149 Summary

• Increases the maximum household income limitation for the Senior Citizens Assessment Freeze Homestead Exemption from $55,000 to $65,000, effective for taxable year 2017 and thereafter.

• The exemption applies to senior citizens age 65 and older who own or have a legal/equitable interest in their primary residence and meet income requirements.

• For counties with 3,000,000 or more inhabitants, the exemption amount equals the current equalized assessed value minus the base year value; other counties have different calculations based on income brackets.

• Requires applicants to submit annual affidavits certifying household income, age, marital status, and principal residence, with Chief County Assessment Officers authorized to audit claims for eligibility verification.

• Takes effect immediately upon becoming law.