SB2305 Summary

• Increases the maximum income limitation for the senior citizens assessment freeze homestead exemption from $65,000 to $75,000 for taxable year 2018 and thereafter.

• Applies to qualified seniors age 65 or older who own or have a legal interest in their principal residence and meet the income threshold.

• The exemption freezes the assessed value of a senior's home at a base year amount, with the exemption amount equal to any increase in the home's equalized assessed value above that base.

• Takes effect immediately upon becoming law.