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Bill > HB3755

OR HB3755

OR HB3755
Relating to a property tax exemption for the homesteads of certain seniors; prescribing an effective date.

summary

Introduced
02/27/2025
In Committee
03/04/2025
Crossed Over
Passed
Dead
06/27/2025

Introduced Session

2025 Legislative Measures

Bill Summary

The statement includes a measure digest written in compliance with applicable readability standards. Digest: The Act would grant a tax break for the owner-occupied homes of people who are at least 65 years old, have resided in the home for at least 10 years and have a household income of not more than $150,000 a year. The Act would increase the tax break by five percentage points each year. (Flesch Readability Score: 62.0). Creates a property tax exemption for the owner-occupied principal dwelling of seniors who are at least 65 years of age, have resided in the dwelling for at least 10 years and have a household income not greater than $150,000 per year. Provides an exemption of the assessed value of the homestead in annually increasing increments of five percentage points. Takes effect on the 91st day following adjournment sine die.

AI Summary

This bill creates a graduated property tax exemption for homeowners who are 65 years or older, designed to provide increasing tax relief as seniors age. To qualify, individuals must own and have lived in their primary residence for at least 10 years, and have a household adjusted gross income not exceeding $150,000. The exemption starts at 5% of the home's assessed value for 65-year-olds and incrementally increases by 5 percentage points each year, ultimately reaching a 100% exemption for homeowners 84 years and older. Homeowners must submit an annual claim with the county assessor, providing documentation proving their eligibility. The exemption can be canceled if the homeowner dies, sells the property, moves out, or adds new improvements to the property. The bill also includes provisions for annually adjusting the income threshold and filing fees based on the Consumer Price Index, ensuring the exemption remains relevant over time. The property tax exemption will take effect for tax years beginning July 1, 2026, and becomes operative 91 days after the 2025 legislative session adjourns.

Committee Categories

Budget and Finance

Sponsors (4)

Last Action

In committee upon adjournment. (on 06/27/2025)

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