Proposes a constitutional amendment to exempt homestead property from ad valorem taxation for persons aged 65 or older.

This bill proposes a constitutional amendment to exempt homestead property from ad valorem taxation for persons aged 65 or older who have owned and maintained the property as their permanent residence for at least five years and whose household income does not exceed $350,000, adjusted annually by the cost-of-living index. The amendment would take effect January 1, 2027. The exemption applies to all ad valorem taxes other than school district levies. The bill also includes provisions for veterans and first responders who meet certain criteria.

Proposes a constitutional amendment to exempt homestead property from ad valorem taxation for persons aged 65 or older.

This bill proposes a constitutional amendment to exempt homestead property from ad valorem taxation for persons aged 65 or older who have owned and maintained the property as their permanent residence for at least five years and whose household income does not exceed $350,000, adjusted annually by the cost-of-living index. The amendment would take effect January 1, 2027. The exemption applies to all ad valorem taxes other than school district levies. The bill also includes provisions for veterans and first responders who meet certain criteria.