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IN HB1153
Bill
Status
1/7/2019
Primary Sponsor
Earl Harris
Click for details
AI Summary
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Removes the $12,480 cap on property tax deductions for individuals aged 65 and older, allowing the deduction to equal the full one-half of assessed value regardless of amount
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Applies to real property, mobile homes, and manufactured homes not assessed as real property
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Eligibility requirements remain unchanged: age 65+, combined adjusted gross income under $25,000, property owned at least one year, assessed value not exceeding $182,430, and residency on the property
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Surviving spouses aged 60+ whose deceased spouse was at least 65 at time of death remain eligible if they have not remarried
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Effective July 1, 2019, applying to assessment dates after December 31, 2019
Legislative Description
Age 65 and older property tax deduction. Provides for a property tax deduction for individuals at least 65 years of age on real property, mobile homes not assessed as real property, and manufactured homes not assessed as real property in an amount equal to one-half of the assessed value of the real property, mobile home, or manufactured home. (Current law provides for a deduction equal to the lesser of one-half of the assessed value or $12,480.)
Last Action
First reading: referred to Committee on Ways and Means
1/7/2019