Homestead Property Tax Exemption Expansion

There is currently a property tax exemption for an owner-occupied residence of a qualifying senior or veteran with a disability (homestead exemption) that is equal to 50% of the first $200,000 of the actual value of the property. For property tax years commencing on or after January 1, 2023, the concurrent resolution: Increases the maximum amount of actual value of the owner-occupied residence of a qualifying senior or veteran with a disability that is exempt from property taxation from $200,000 to $300,000 for the 2023 property tax year and to $300,000 plus cumulative inflation for each property tax year thereafter; and Makes the homestead exemption portable by allowing a senior who qualifies for the exemption to move and continue to claim the exemption without meeting the 10-year ownership and occupancy requirement, so long as the senior has continuously owned residential real property since qualifying for the exemption. The concurrent resolution also makes a conforming amendment so that the change in the actual value of which 50% is exempt does not affect the general assembly's ability to raise or lower this amount. (Note: This summary applies to this concurrent resolution as introduced.)