Authorize property tax freeze for certain owner-occupied homes

HB 655 amends state law to authorize property tax freezes for specific owner-occupied homes, directly affecting elderly, disabled, and low-income residents as well as surviving spouses of disabled veterans, public service officers killed in the line of duty, and certain disabled individuals. The bill establishes a reduction mechanism where eligible homeowners can apply for a decrease in their real property taxes based on their property's value, age, income level, or veteran status. Key provisions include setting specific dollar thresholds for tax reductions, adjusting income limits annually based on economic data, and ensuring these tax breaks apply only to one primary residence per qualifying person. By modifying existing tax code sections, the legislation creates a structured process for local tax authorities to calculate and apply these exemptions to approved applications.