S.B. No. 287 Summary

• Establishes a property tax freeze (division C of section 323.152) for owner-occupied homesteads where the owner is age 65 or older, has owned/occupied the home for 10+ years, has income not exceeding $70,000, and the home's true value is under $1 million.

• The tax freeze reduces taxes by the amount any annual increase exceeds the prior year's taxes, effectively freezing property taxes at their previous year level for qualifying seniors.

• Extends similar freeze protections to manufactured and mobile homes through a new section 4503.0612, with the same age, residency, income, and property value requirements.

• Requires annual income threshold adjustments based on gross domestic product deflator increases, with amounts certified by the tax commissioner to county auditors by December 1st each year.

• Applies to real property tax years ending after the bill's effective date and manufactured home tax years beginning after the effective date.