H.B. 586 - Homestead Exemption Expansion

• Removes the $30,000 annual income limit that currently restricts homestead exemption eligibility for permanently and totally disabled individuals, individuals age 65 or older, and surviving spouses.

• Increases the homestead exemption amount from $25,000 to $30,000 in the calculation of property tax reduction for eligible applicants.

• Applies the same income limit removal and exemption increase to manufactured and mobile home tax reductions under parallel provisions.

• Effective for real property tax year 2019 and thereafter, and for manufactured/mobile home taxes in tax year 2020 and thereafter.