House Bill 4686 Summary

• Authorizes local units of government to adopt ordinances limiting rent paid by senior citizens (age 62+) and individuals with disabilities to 50% of their household income.

• Rent limitation applies to seniors under age 71 and disabled individuals without restriction; seniors aged 62-70 must have lived in the dwelling unit for at least 5 years to qualify.

• Allows local units with rent limitation ordinances to exempt subject properties from ad valorem property taxes.

• Requires property owners to pay an annual specific tax equal to the ad valorem taxes that would have been owed, minus a reduction amount determined by ordinance but not exceeding the original ad valorem tax.

• Specific tax payments are collected and distributed to state and local taxing authorities following standard property tax procedures, with delinquent payments subject to foreclosure and forfeiture; takes effect 90 days after enactment.