HB 1299 Summary

• Lowers the age requirement for homestead credit eligibility from 65 years old to 65 years old (no change) and maintains eligibility for permanently and totally disabled individuals regardless of age.

• Adds a new state-paid property tax credit of $1,000 for individuals 65 years or older or permanently and totally disabled, and $600 for younger individuals, applied against total property taxes on homesteads without income limitations.

• The new credit in subsection 3 applies independently of and in addition to existing exemptions under subsections 1 and 2, allowing eligible individuals to receive both benefits simultaneously.

• Permits individuals whose homesteads are exempt farm structures to claim the new $1,000 or $600 credit against property taxes on up to 640 acres of associated agricultural property, though they remain ineligible for exemptions under subsection 1.

• Effective for ad valorem property taxes for taxable years beginning after December 31, 2014, and for mobile home taxes beginning after December 31, 2015.