HB5145 Summary

• Amends the Property Tax Code to adjust income limitations for senior citizens assessment freeze homestead exemption and long-time occupant homestead exemption beginning in taxable year 2023 and thereafter.

• Income limitations for both exemptions shall increase annually by the percentage increase in the Consumer Price Index for All Urban Consumers, as issued by the U.S. Department of Labor, during the preceding calendar year.

• Establishes a fixed income limit of $65,000 for the senior citizens exemption for taxable years 2018 through 2022 before implementing the annual Consumer Price Index adjustments starting in 2023.

• For the long-time occupant exemption, establishes income thresholds of $75,000 and $100,000 for qualified taxpayers, with these amounts subject to annual Consumer Price Index adjustments beginning in 2023.

• Takes effect upon becoming law with immediate effectiveness.