Property Tax Exemption Value Adjustments

Under current law, 50% of the first $200,000 of actual value of the owner-occupied primary residence of a qualifying senior or a qualifying disabled veteran is exempt from property taxation. The bill increases the $200,000 to $435,000 for the 2020 property tax year to account for the increase in the average actual value of residential real property, excluding new residential construction when initially constructed, in the state from January 1, 2002, when the exemption for qualifying seniors first took effect, through December 31, 2019. Thereafter, the bill annually increases or decreases the amount of actual value of which 50% is exempt by a percentage equal to the percentage change in the average actual value of residential real property, excluding new construction when initially constructed, in the state, as determined by the state property tax administrator.(Note: This summary applies to this bill as introduced.)