SB2199 Summary

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

• Raises maximum income limitation for low-income senior citizens assessment freeze homestead exemption to $75,000 for taxable years 2024 and thereafter (currently $65,000).

• Effective immediately upon becoming law.