Modifies the senior citizens' property tax deferral program by raising income limits and extending property ownership duration.

The bill modifies the senior citizens' property tax deferral program by raising the income limit for eligibility from $96,000 to $110,000 and extending the required property ownership duration from two to five years. It also adjusts the maximum allowable deferral to 75 percent of the assessor's estimated market value for the year, less the balance of any mortgage loans and other liens against the property. This change is effective for applications for deferral of taxes payable in 2026 and thereafter.

Modifies the senior citizens' property tax deferral program by raising income limits and extending property ownership duration.

The bill modifies the senior citizens' property tax deferral program by raising the income limit for eligibility from $96,000 to $110,000 and extending the required property ownership duration from two to five years. It also adjusts the maximum allowable deferral to 75 percent of the assessor's estimated market value for the year, less the balance of any mortgage loans and other liens against the property. This change is effective for applications for deferral of taxes payable in 2026 and thereafter.