Property tax exemption for qualifying housing with tenants meeting disability criteria.

The bill provides a property tax exemption for qualifying housing, which includes single-family and multiple-family residential properties. The exemption reduces the assessed valuation by $50,000 for each qualifying tenant. To qualify, tenants must have resided in the housing for at least nine months and be either retired due to disability or a veteran receiving disability compensation. The exemption applies to property taxes levied the following year and requires at least 80% of the savings to benefit the qualifying tenant. The exemption amount cannot exceed the assessed value of the housing.

Property tax exemption for qualifying housing with tenants meeting disability criteria.

The bill provides a property tax exemption for qualifying housing, which includes single-family and multiple-family residential properties. The exemption reduces the assessed valuation by $50,000 for each qualifying tenant. To qualify, tenants must have resided in the housing for at least nine months and be either retired due to disability or a veteran receiving disability compensation. The exemption applies to property taxes levied the following year and requires at least 80% of the savings to benefit the qualifying tenant. The exemption amount cannot exceed the assessed value of the housing.