HB1563 amends the Property Tax Code to adjust the maximum income limitation for the senior freeze homestead exemption.
HB1563 amends the Property Tax Code to set the maximum income limitation for the senior freeze homestead exemption at $75,000 for taxable year 2026. The bill also adjusts the maximum income limitation annually based on changes in the Consumer Price Index. The exemption applies to low-income senior citizens who meet specific criteria, including age, income limits, and property ownership. The bill outlines procedures for applying for the exemption and conditions under which the exemption may be granted or extended.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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