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2015 Regular Session
Overview
At the request of: (at the request of House Interim Committee on Revenue)
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Bill Title: Relating to the homestead property tax deferral program; and prescribing an effective date.
Catchline/Summary: For purposes of homestead property tax deferral program, creates exception to five-year ownership requirement for homestead if claimant for deferral moved to homestead from homestead granted deferral and of greater real market value than new homestead, sells prior homestead within one year of purchasing new homestead, satisfies lien against prior homestead for deferred amounts and provides written attestation that claimant incurred debt for not more than 80 percent of purchase price of new homes
For purposes of homestead property tax deferral program, creates exception to five-year ownership requirement for homestead if claimant for deferral moved to homestead from homestead that met five-year ownership requirement] granted deferral and of greater real market value than new homestead, sells prior homestead within one year of purchasing new homestead, satisfies lien against prior homestead for deferred amounts and provides written attestation that claimant incurred debt for not more than 80 percent of purchase price of new homestead. Allows deferral for homestead that is insurable for fire and other casualty but is not insured. Authorizes Department of Revenue to purchase insurance for homestead and add cost to lien for deferred taxes. Repeals prohibition against pledging homestead on which property taxes are deferred as security for reverse mortgage.] Increases maximum allowable value for homesteads that taxpayers have continuously owned and lived in for 21 years or more. For purposes of certifying continuing eligibility for deferral program, requires Department of Revenue to notify Aging and Disability Resource Connection or seniors and people with disabilities division of Department of Human Services if no response to notification sent to taxpayers is received within 35 days. Provides that homestead is ineligible for deferral if Department of Revenue has not received response from taxpayers within 30 days after notifying Aging and Disability Resource Connection or Department of Human Services. Takes effect on 91st day following adjournment sine die.
Chapter Number: Chapter 309
Fiscal Impact: Has Minimal Fiscal Impact
Revenue Impact: Revenue Impact Issued
Measure Analysis: Staff Measure Summary / Impact Statements
Current Location: Chapter Number Assigned
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Potential Conflicts of Interest/Vote Explanations: Potential Conflicts of Interest/Vote Explanation Documents
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