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IN SB0415
Bill
Status
1/10/2017
Primary Sponsor
Travis Holdman
Click for details
AI Summary
Senate Bill 415 Summary
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Restricts the property tax mortgage deduction to loans or contracts made and recorded before January 1, 2018, with initial deduction statements required to be filed by January 5, 2018.
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Increases the homestead deduction from 60% to 65% of assessed value (or from $45,000 to $48,000 cap) for homesteads where the mortgage deduction is not claimed for the same assessment year.
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Maintains the homestead deduction at 60% of assessed value (or $45,000 cap) for homesteads where the mortgage deduction is claimed for the same assessment date.
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Applies to assessment dates after December 31, 2017, and expires 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 Appropriations
1/10/2017