HB0143 Summary

• Increases household income limit for Senior Citizens Real Estate Tax Deferral program from $55,000 to $65,000 beginning tax year 2021.

• Raises annual tax deferral cap from $5,000 per taxpayer to $12,000 per taxpayer beginning tax year 2021.

• Reduces interest rate on deferred taxes from 6% per year to 2% per year for tax year 2021 and thereafter.

• Amendments apply to Section 2 (definitions) and Section 3 (deferral procedures) of the Senior Citizens Real Estate Tax Deferral Act.

• Takes effect immediately upon becoming law.