Delaware HB73 amends Title 14 and 29 of the Delaware Code to adjust the Senior Property Tax Credit.

Delaware HB73 amends the Delaware Code to modify the Senior Property Tax Credit. It specifies that local school boards can authorize a credit against taxation on the valuation of qualified property, with the maximum credit being the lesser of 50% of the tax remaining after exemptions or $500. The bill also adjusts the credit amount to $500 for all years prior to January 1, 2026, and $1,000 for all years beginning on or after that date. If local school boards do not authorize the credit, the funds will increase state funding for education-related expenses.

Delaware HB73 amends Title 14 and 29 of the Delaware Code to adjust the Senior Property Tax Credit.

Delaware HB73 amends the Delaware Code to modify the Senior Property Tax Credit. It specifies that local school boards can authorize a credit against taxation on the valuation of qualified property, with the maximum credit being the lesser of 50% of the tax remaining after exemptions or $500. The bill also adjusts the credit amount to $500 for all years prior to January 1, 2026, and $1,000 for all years beginning on or after that date. If local school boards do not authorize the credit, the funds will increase state funding for education-related expenses.