SB 1132 Summary

• Authorizes local units of government to adopt rent limitation ordinances capping rent for senior citizens (age 62+) and individuals with disabilities at 50% of household income.

• Seniors under age 71 without disabilities are only covered if they have lived in the rental unit for the preceding 5 years.

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

• Requires local units to levy an annual specific tax on exempt properties equal to the ad valorem tax that would otherwise be collected, minus an amount set by local ordinance not exceeding the standard ad valorem tax.

• Specific tax payments must be disbursed to state and taxing authorities in the same manner as general property tax collections, with payments to the levying local unit reduced by the difference between foregone ad valorem taxes and the specific tax collected.