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IN HB1410
Bill
Status
1/17/2017
Primary Sponsor
Timothy Wesco
Click for details
AI Summary
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Limits property tax mortgage deduction eligibility to mortgages, installment loans, or purchase contracts made and recorded before January 1, 2018, with initial deduction statements filed by January 5, 2018
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Increases homestead deduction from 60% to 65% of assessed value (capped at $48,000 instead of $45,000) for homesteads where the mortgage deduction is not claimed
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Maintains homestead deduction at 60% of assessed value (capped at $45,000) for homesteads where the mortgage deduction is claimed for the same assessment date
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Applies to all assessment dates after December 31, 2017, and sunsets on July 1, 2021
Legislative Description
Property tax deductions. Provides that the property tax mortgage deduction applies only if: (1) the mortgage loan or installment loan is made and recorded before January 1, 2018, or the purchase contract under which the person owes the contract indebtedness is entered into before January 1, 2018, and the purchase contract or a memorandum of the contract is recorded before January 1, 2018; and (2) the statement applying for the deduction is filed for the first time on or before January 5, 2018. Increases the homestead deduction to the lesser of: (1) 65% of the assessed value of the homestead;
Last Action
First reading: referred to Committee on Ways and Means
1/17/2017