SJR 004 Exempts real and personal property owned by senior citizens from property tax with a replacement tax
LR Number:S0201.01I Fiscal Note:0201-01
Committee:Ways and Means
Last Action:02/23/99 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:Contingent upon voter approval
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Current Bill Summary

SJR 4 - This proposed constitutional amendment would exempt from taxation all real and personal property wholly owned by individuals who are 65 years of age or older as of the date of assessment. Local political subdivisions which would lose revenue from the exemption would be reimbursed through an increase in the property tax on utility and commercial property.