SB2177 Summary

• Individuals age 65 or older may file an irrevocable claim to freeze property taxes on their primary residence at the most recently levied amount.

• The tax freeze remains in effect until the claimant no longer owns and occupies the residence or an improvement is made to the property.

• One co-owner's tax freeze claim applies to the entire residence regardless of other co-owners' ages, and surviving spouses age 62 or older who are co-owners may continue the freeze after the original claimant's death.

• If structural improvements are made, the claimant may file to continue the freeze at the previous amount plus additional tax calculated on the improvement's taxable value using the original mill rate.

• The Act is effective for taxable years beginning after December 31, 2022, with forms prescribed and made available by the state tax commissioner and county tax equalization directors.