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SB24-111

Senior Primary Residence Prop Tax Reduction

Concerning a reduction in the valuation for assessment of qualified-senior primary residence real property.
Session:
2024 Regular Session
Subjects:
Fiscal Policy & Taxes
Local Government
Bill Summary

For property tax years commencing on or after January 1, 2025, the bill creates a new subclass of residential real property called qualified-senior primary residence real property, which includes residential real property that as of the assessment date is used as the primary residence of an owner-occupier, as defined in the bill, if:

  • The owner-occupier applies to the county assessor for the classification in the manner required by the bill;
  • The owner-occupier previously qualified for the property tax exemption for qualifying seniors (exemption) for a different property for a property tax year commencing on or after January 1, 2016, and does not qualify for the exemption for the current property tax year; and
  • The circumstances that qualify the property for the classification have not changed since the filing of the application.

The bill also:

  • Classifies property that might otherwise be classified as multi-family residential real property that contains a unit that qualifies as qualified-senior primary residence real property as multi-family qualified-senior primary residence real property and treats such property as qualified-senior primary residence real property;
  • Sets the valuation for assessment for qualified-senior primary residence real property at 7.15% of the amount equal to the actual value of the property minus the lesser of $100,000 50% of the first $200,000 of that actual value or the amount that causes the valuation for assessment of the property to be $1,000;
  • Establishes the processes by which an owner-occupier of residential real property may apply to have the owner-occupier's primary residence classified as qualified-senior primary residence real property and by which such an application is approved or denied;
  • Requires the state to reimburse local governmental entities that levy property taxes for total property tax revenue lost due solely to the reduced valuation for assessment of qualified-senior primary residence real property as compared to the valuation for assessment of other residential real property and specifies the process by which the proper amount of reimbursement is calculated and reimbursement is made; and
  • For state fiscal years in which excess state revenues are required to be refunded pursuant to the Taxpayer's Bill of Rights, establishes the reimbursement to local governmental entities as a means of refunding such excess state revenues.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Under Consideration

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Bill Text

Upcoming Schedule

Apr
18
Thursday

Finance

1:30 pm  |  HCR 0112

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