|SB 0067||Exempts the homestead of those aged 65 and older from increases in property tax assessments|
|LR Number:||0345S.02C||Fiscal Note:||0345-02|
|Committee:||Ways and Means|
|Last Action:||05/18/01 - S Inf Calendar S Bills for Perfection w/SCS||Journal page:|
|Title:||SCS SBs 67 & 40|
|Effective Date:||January 1, 2002|
SCS/SBs 67 & 40 - This act exempts the homestead of persons who are over the age of 65 from increases in assessments for as long as they own the property. It applies only to the owner's principal residence and a married couple is eligible when one is aged 65 or older.
Application is made to the County Clerk and shall be made by June 1 of the year before the exemption is applicable. The Clerk must verify the application and notify affected political subdivisions of the exemption.
The counties shall make a payment in lieu of taxes to compensate for the amount that would otherwise go to the Blind Pension Fund. The State Tax Commission shall estimate the financial impact of this act. If the General Assembly determines that there is insufficient total state revenue to reimburse the political subdivisions, it may declare that there will no homestead exemption for the following year.
This act is identical to HB 1176 (2000).