08/22/2024

Senate Bill 287

Lead Sponsors: Senator Bill DeMora

Status: Introduced (June 10, 2024)

Description: The bill authorizes a property tax exemption, calculated to "freeze" the property tax owed, for properties in which the owner is at least 65 years old, the owner has lived in the property for ten or more years, the owner's total income is less than $70,000, and the actual value of the property is less than $1 million. The exemption is open to both real property and manufactured homes.

The exemption is to be reimbursed to local taxing entities in the same manner as other property tax reductions for certain homesteads and owner-occupied properties.

CCAO Position: No position (as of August 2024)