Prohibit an increase in property value for homesteads owned by persons age 65 or older

Summary

The bill freezes the estimated market value of qualifying homestead properties at the prior year’s level, so owners 65 or older won’t see higher taxes due to market appreciation. Homeowners must apply by July 1 of the assessment year and provide proof of age, but any value added by home improvements is still taxable. The change also updates assessor notices and tax statements to show the freeze.

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