H865 Summary

• Increases property tax homestead exclusion income eligibility limit from $25,000 to $30,900 for single applicants and establishes $61,800 limit for married couples filing jointly, effective July 1, 2013.

• Modifies homestead exclusion calculation to account for general property reappraisals by allowing exclusions based on cumulative Consumer Price Index adjustments since the applicant became eligible.

• Changes circuit breaker provisions to allow multiple qualifying owners (not just married couples) to claim full property tax homestead relief if at least one owner meets occupancy, ownership, age, and disability requirements.

• Adjusts future income eligibility limits annually based on Social Security cost-of-living adjustments, rounded to nearest $100, with the Department of Revenue notifying county assessors by July 1 each year.

• Effective for all taxable years beginning on or after July 1, 2013.