Revenue and taxation; ad valorem; homestead exemption; increase in homestead exemption; effective date.

Summary

The bill raises the ad valorem tax exemption for qualifying homeowners who are 65 or older and whose household income is at most three times the state median. The exemption increases each year by the amount the home’s fair cash value rises, and it stays unchanged if income later exceeds the threshold. County assessors must calculate the adjustment each year, and the changes take effect on Jan. 1, 2027.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share