SB 0204 Exempts residential property owned by the elderly from certain increases in assessed valuation
LR Number:0714S.01I Fiscal Note:0714-01
Committee:Ways and Means
Last Action:02/06/01 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:August 28, 2001
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Current Bill Summary

SB 204 - This act exempts residential property of the elderly from increases in the property tax due to either increased assessed valuation or an increase in tax rates. It applies to taxpayers who are at least 65 years of age and who have used the property as their residence for at least 3 years.

Local governments are required to submit data substantiating the revenue loss due to this act to the Auditor who shall verify the loss. Losses shall be reimbursed through appropriations.

It applies to tax years beginning on and after January 1, 2002.