SB 769
Provides, for purposes of ad valorem property taxation, frozen assessed value for homestead of individual at least 68 years of age, or person with disability, if homestead and individual would be eligible for homestead property tax deferral program but for fact that homestead is pledged as security for reverse mortgage.
| Status | In Senate Committee (SFR) |
| Sponsors | Tim Knopp (Republican) (Chief) |
| Fiscal impact | May have fiscal impact, but no statement yet issued |
| Revenue impact | May have revenue impact, but no statement yet issued |
Bill Text
Provides a frozen assessed value for homesteads of individuals at least 68 years of age or persons with disabilities who are otherwise eligible for homestead property tax deferral.
Overview#
Provides, for purposes of ad valorem property taxation, frozen assessed value for homestead of individual at least 68 years of age, or person with disability, if homestead and individual would be eligible for homestead property tax deferral program but for fact that homestead is pledged as security for reverse mortgage. Provides that frozen assessed value equals assessed value of homestead for property tax year immediately preceding first property tax year to which valid claim relates. Provides that, after occurrence of certain circumstances, homestead shall be assessed and taxed as other property similarly situated is assessed and taxed. Sunsets program after six years. Maintains frozen assessed value for homesteads granted frozen assessed value before sunset. Takes effect on 91st day following adjournment sine die.
Legislative History
| Date | Chamber | Action |
|---|---|---|
| 2021-02-18 | S | Introduction and first reading. Referred to President's desk. |
| 2021-02-22 | S | Referred to Finance and Revenue. |
| 2021-06-26 | S | In committee upon adjournment. |