House Bill 1619 - Summary

• Increases homestead ad valorem tax exemptions for qualified homeowners in counties that have completed updated property valuations, with exemptions rising from $240.00 to $360.00 depending on assessed value brackets.

• Extends the maximum exemption for elderly and disabled homeowners from $7,500 to $9,000 of assessed homestead property value, effective January 1, 2015.

• Provides a complete exemption from all ad valorem taxes for certain elderly and disabled homeowners (subsection 2(a)) and unremarried surviving spouses of such homeowners, effective January 1, 2015.

• Divides exemptions equally between school district and county general fund purposes, with assessed values rounded to the nearest whole dollar.

• Applies new exemptions to claims made in the 2015 calendar year with reimbursements beginning in 2016 and continuing in subsequent years.