HB 1351 Summary

• Allows individuals age 62 or older with household income below $32,000 to defer property taxes on their homestead by filing a claim with the county assessor after January 1 and on or before October 15 each year.

• Requires homestead to meet eligibility criteria including owner occupancy, fee simple estate ownership, no mortgage prohibitions on deferral, at least 10% equity interest, and proof of insurance equal to assessed value.

• Deferred taxes become due and payable when taxpayer dies, property is sold, property ceases to be homestead, or for manufactured structures/floating homes, when moved out of state.

• Director of Revenue advances deferred taxes to county tax collectors (minus 2%) and maintains a lien against the property; interest accrues at 6% annually on deferred amounts.

• Establishes Senior Property Tax Deferral Revolving Account funded by repayments of deferred taxes and interest to support program administration and future payments to counties.