H.F. No. 4415 - Senior Citizen Credit Summary

• Establishes a new senior citizen property tax credit for homeowners age 65 or older (or married couples where one spouse is 65+ and the other is 62+) with household income not exceeding $75,000 who have owned their homestead for at least five years.

• Credit amount equals the property tax due after other credits are applied, minus 3 percent of the homeowner's total household income from their initial application, with a minimum of $0.

• County assessors process applications by March 1 prior to the tax year the credit is first granted; credit continues until property is sold, all qualifying homeowners die, or property no longer qualifies as a homestead.

• Commissioner of revenue reimburses non-school taxing jurisdictions in two equal installments on October 31 and December 26; school districts receive reimbursement through the commissioner of education.

• Appropriates annual funding from the general fund to the commissioners of revenue and education to cover all tax reductions granted under the credit, effective beginning with assessment year 2025.