SB 140
For purposes of eligibility of property for homestead property tax deferral program, creates $250,000 minimum cap on allowable real market value of homestead.
| Status | In Senate Committee (SFR) |
| Requested by | (at the request of Senate Interim Committee on Finance and Revenue) |
| Fiscal impact | May have fiscal impact, but no statement yet issued |
| Revenue impact | May have revenue impact, but no statement yet issued |
Bill Text
Creates a $250,000 minimum cap on real market value for homestead property tax deferral program eligibility and extends the program’s sunset.
Overview#
For purposes of eligibility of property for homestead property tax deferral program, creates $250,000 minimum cap on allowable real market value of homestead. Directs Department of Revenue to adjust minimum cap on allowable real market value annually according to change in Consumer Price Index. Allows claim for deferral to be filed late, with payment of fee. Modifies procedure for allowing claims for deferral in excess of maximum allowable for property tax year. Extends sunset for deferral program. Takes effect on 91st day following adjournment sine die.
Legislative History
| Date | Chamber | Action |
|---|---|---|
| 2021-01-11 | S | Introduction and first reading. Referred to President's desk. |
| 2021-01-19 | S | Referred to Finance and Revenue. |
| 2021-06-26 | S | In committee upon adjournment. |