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IN SB0370
Bill
Status
1/10/2019
Primary Sponsor
Philip Boots
Click for details
AI Summary
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Increases the property tax deduction eligibility limit for homeowners age 65 and older from $182,430 to $228,000 in assessed value for real property, mobile homes, or manufactured homes
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Raises the gross assessed value threshold for the additional homestead circuit breaker credit from $160,000 to $191,700, allowing more senior homeowners to qualify
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Qualifying seniors must have combined adjusted gross income not exceeding $25,000 and have owned the property for at least one year
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Changes apply to assessment dates after December 31, 2019, with an effective date of July 1, 2019
Legislative Description
Over 65 deduction and circuit breaker credit. Increases (from $182,430 to $228,000) the deduction limitation on the assessed value of an individual's real property, or mobile home or manufactured home which is not assessed as real property, if the individual is at least 65 years of age on or before December 31 of the calendar year preceding the year in which the deduction is claimed. Provides that the additional credit for certain homesteads under current law does not apply if the gross assessed value of the homestead on the assessment date for which property taxes are imposed is at least $191,700 (rather than $160,000 under current law).
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/10/2019