HB4470 Summary

• Amends the Property Tax Code to provide a reduction in equalized assessed value for property used exclusively to operate a community-integrated living arrangement, effective for taxable year 2025 and beyond.

• Reduction amount equals the number of occupants using the arrangement as a primary residence (at peak occupancy month) multiplied by $2,000, with the reduction never reducing assessed value below zero.

• For non-profit operators, the reduction applies automatically; for other operators, the property must be owned by a resident, family member, or LLC with a resident/family member as a member.

• Additional requirements for non-profit operators include: at least one non-family resident occupant, licensure under the Community-Integrated Living Arrangements Licensure and Certification Act, and the owner cannot operate any other such arrangement.

• Applications for the reduction must be made during the applicable county application period, with assessors able to determine eligibility through application, inspection, questionnaire, or other reasonable methods.