|SB 0635||Freezes residential property valuation for senior citizens|
|LR Number:||3012S.01I||Fiscal Note:||3012-01|
|Committee:||Ways and Means|
|Last Action:||02/08/00 - Hearing Conducted S Ways & Means Committee||Journal page:|
|Effective Date:||January 1, 2001|
SB 635 - This act freezes the assessed valuation of homestead property owned by individuals or married couples receiving social security benefits during the period of ownership and until transfer. When the property is transferred, those owners owe any property tax on the increased value of the property.
"Homestead property" is defined as it is in the circuit breaker statute, with two differences: five acres is changed to three; and the rental qualification is removed.
In accordance with Article X, Section 6(a) of the State Constitution, the political subdivisions fiscally affected by the frozen assessment levels are reimbursed by state revenue.
This act is similar to SB 586, SB 764 and SB 898.