House Bill 1314 Summary

• Increases homestead ad valorem tax exemptions for qualified homeowners in counties that have completed property valuations as of January 1, 2001, with the maximum exemption rising from $240.00 to $360.00 depending on assessed homestead value.

• Expands the exemption table for updated counties to include higher assessed value brackets, adding new exemption levels for homestead properties valued between $5,851 and $8,851 and above.

• Increases the exemption for elderly and disabled homeowners (subsection 2) from $6,000.00 to $7,500.00 in most cases, and further increases it to $9,000.00 for claims made beginning in the 2013 calendar year.

• Applies the increased exemptions to claims made in the 2013 calendar year with reimbursement in 2014 and subsequent years.

• Takes effect January 1, 2013, and does not affect any tax claims, assessments, or appeals that accrued before the effective date.