HB0708 Summary

• Increases the maximum income limitation for the senior citizens assessment freeze homestead exemption from $65,000 to $75,000 for taxable years 2021 and thereafter for all qualified property.

• Maintains previous income thresholds for taxable years prior to 2021, including $65,000 for taxable years 2018-2020 and varying amounts ($35,000-$55,000) for earlier years based on the taxable year.

• Applies to seniors age 65 or older who own or have a legal interest in their primary residence and meet household income requirements.

• Exemption amount calculated as the difference between current equalized assessed value and the base year value, with provisions for income-based reductions in certain counties for taxable year 2006.