HB5824 Summary

• Increases the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $73,700 for taxable year 2023.

• Establishes an automatic annual adjustment mechanism beginning in taxable year 2024, where the maximum income limitation adjusts based on the percentage increase in the Consumer Price Index (CPI) for the preceding 12-month period ending in September, rounded to the nearest $100.

• Defines "Consumer Price Index" as the index published by the Bureau of Labor Statistics measuring average price changes for goods and services purchased by all urban consumers.

• Requires county assessors to include the updated maximum income limitation in their annual notice of exemption availability for taxable year 2024 and thereafter.

• Takes effect immediately upon becoming law.