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Legislative Year: 2024 Change

Bill Detail: HB24-1166

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Title Expand Homestead Exemptions
Status House Committee on Finance Postpone Indefinitely (03/04/2024)
Bill Subjects
  • Fiscal Policy & Taxes
  • Local Government
House Sponsors S. Luck (R)
K. DeGraaf (R)
Senate Sponsors
House Committee Finance
Senate Committee
Date Introduced 01/31/2024

For property tax years commencing during property tax
reassessment cycles (cycles) that begin on or after January 1, 2025, the
bill changes the amount of the exemptions for the owner-occupied
primary residence (residence) of a qualifying senior, a veteran with a
disability, or the surviving spouse of a United States armed forces service
member who died in the line of duty or veteran whose death resulted from
a service-related injury or disease (exemptions) from 50% of the first
$200,000 of actual value of the residence to 50% of an amount of actual
value of the residence equal to 50% of the estimated state median home
value (median home value) for the state; except that, if the median home
value declines, the exemption amount continues to be calculated based on
the median home value used to calculate the exemption amount for the
property tax years included in the prior cycle.
The state constitution currently only allows a senior who has
owned and occupied the senior's residence for 10 years, or the surviving
spouse of such a senior, to claim the exemption. If at the 2024 general
election the voters of the state approve a referred constitutional
amendment to allow a senior, or the surviving spouse of such a senior
(surviving spouse), who has previously qualified for the exemption for
2016 or any later year for a prior residence to claim the exemption for the
senior's or surviving spouse's current residence regardless of how long the
senior or surviving spouse has owned and occupied that residence, the bill
makes the statutory changes needed to conform to the constitutional

Committee Reports
with Amendments
Full Text
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Fiscal Notes Fiscal Notes (02/19/2024) (most recent)  
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