Make Senior Home Tax Valuation Reduction Permanent
Type
Bill
Session
2025 Regular Session
Subjects
Local Government Fiscal Policy & Taxes
Concerning the extension of the two-year reduction in the valuation for assessment of qualified-senior primary residence real property relative to the valuation of assessment for all other residential real property so that it is permanent.
Bill Summary:
The bill extends an existing reduction in the valuation for assessment of qualified-senior primary residence real property (valuation reduction) that applies for only the 2025 and 2026 property tax years so that the valuation reduction is permanent. The bill also makes permanent the existing obligation of the state to annually reimburse local governments that levy property tax for the amount of property tax revenue lost due to the valuation reduction. (Note: This summary applies to this bill as introduced.)
