SB2318 Summary

• Establishes automatic annual adjustment to the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption beginning in taxable year 2024, indexed to Consumer Price Index increases.

• Changes the maximum income limitation from a fixed $65,000 for taxable years 2018 and thereafter to a formula-based amount calculated by multiplying the prior year's limit by one plus the percentage increase in the Consumer Price Index-u for the 12-month period ending in September.

• Defines Consumer Price Index-u as the index published by the U.S. Bureau of Labor Statistics measuring average price changes for goods and services purchased by all urban consumers (1982-84=100).

• Takes effect immediately upon becoming law, with the first indexed adjustment applying to taxable year 2024.