This bill makes permanent the existing property tax valuation reduction for qualified senior primary residences, which was initially set to apply only for 2025 and 2026.
Key Provisions:
Permanent Property Tax Reduction for Seniors
The reduction in assessed property valuation for senior homeowners will continue indefinitely beyond 2026.
State Reimbursement to Local Governments
The state will permanently cover the lost property tax revenue for local governments due to the valuation reduction.
Potential Impacts:
Long-term financial relief for seniors who own and occupy their homes.
Reduced local property tax revenue, but offset by state reimbursements.
Stabilized tax benefits for seniors, allowing better long-term financial planning.
Summary
The bill extends an existing reduction in the valuation for
assessment of qualified-senior primary residence real property (valuation reduction) that applies for only the 2025 and 2026 property tax years so that the valuation reduction is permanent. The bill also makes permanent the existing obligation of the state to annually reimburse local governments that levy property tax for the amount of property tax revenue lost due to the valuation reduction.
