HB 1966 Summary

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

• Establishes eligibility requirements including: homestead ownership or purchase, at least 10% equity interest, no mortgage prohibition against deferral, and proof of homeinsurance equal to assessed value.

• Deferred taxes become due and payable upon taxpayer death, property sale, property ceasing to be homestead, or manufactured home removal from state.

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

• Creates Senior Property Tax Deferral Revolving Account funded by repayments of deferred taxes plus interest to finance the program and administrative expenses.