SB 0281 Freezes residential property valuation for senior citizens
LR Number:0924S.01I Fiscal Note:0924-01
Committee:Ways and Means
Last Action:02/06/01 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:January 1, 2002
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Current Bill Summary

SB 281 - This act freezes the assessed valuation of homestead property owned by individuals or married couples receiving social security benefits during the period of ownership. When the property is transferred, the previous owners owe property taxes on the increased value of the property.

In accordance with Article X, Section 6(a) of the State Constitution, the political subdivisions fiscally affected by the frozen assessment levels are to be reimbursed by state revenue.

This act is identical to SB 635 (2000).