HB1274 Summary

• For taxable years 2024 and thereafter, increases the maximum reduction under the senior citizens homestead exemption to $8,000 in all counties (previously $8,000 only in counties with 3,000,000+ inhabitants and contiguous counties, $5,000 in other counties).

• Increases the maximum income limitation for the senior citizens assessment freeze homestead exemption from $65,000 to $75,000 for taxable years 2024 and thereafter.

• Takes effect immediately upon becoming law.