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Legislative Year: 2024 Change
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Bill Detail: SB24-111

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Title Senior Primary Residence Prop Tax Reduction
Status Governor Signed (05/14/2024)
Bill Subjects
  • Fiscal Policy & Taxes
  • Local Government
House Sponsors M. Young (D)
S. Lieder (D)
Senate Sponsors C. Hansen (D)
C. Kolker (D)
House Committee Finance
Senate Committee Finance
Date Introduced 02/05/2024
Summary

For property tax years commencing on or after January 1, 2025, the
bill creates a new subclass of residential real property called
qualified-senior primary residence real property, which includes
residential real property that as of the assessment date is used as the
primary residence of an owner-occupier, as defined in the bill, if:
  • The owner-occupier applies to the county assessor for the
classification in the manner required by the bill;
  • The owner-occupier previously qualified for the property
tax exemption for qualifying seniors (exemption) for a
different property for a property tax year commencing on
or after January 1, 2016, and does not qualify for the
exemption for the current property tax year; and
  • The circumstances that qualify the property for the
classification have not changed since the filing of the
application.
The bill also:
  • Classifies property that might otherwise be classified as
multi-family residential real property that contains a unit
that qualifies as qualified-senior primary residence real
property as multi-family qualified-senior primary residence
real property and treats such property as qualified-senior
primary residence real property;
  • Sets the valuation for assessment for qualified-senior
primary residence real property at 7.15% of the amount
equal to the actual value of the property minus the lesser of
$100,000 or the amount that causes the valuation for
assessment of the property to be $1,000;
  • Establishes the processes by which an owner-occupier of
residential real property may apply to have the
owner-occupier's primary residence classified as
qualified-senior primary residence real property and by
which such an application is approved or denied;
  • Requires the state to reimburse local governmental entities
that levy property taxes for total property tax revenue lost
due solely to the reduced valuation for assessment of
qualified-senior primary residence real property as
compared to the valuation for assessment of other
residential real property and specifies the process by which
the proper amount of reimbursement is calculated and
reimbursement is made; and
  • For state fiscal years in which excess state revenues are
required to be refunded pursuant to the Taxpayer's Bill of
Rights, establishes the reimbursement to local
governmental entities as a means of refunding such excess
state revenues.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (05/06/2024) (most recent)  
Additional Bill Documents Bill Documents
Including:
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  • Past fiscal notes
  • Committee activity and documents
  • Bill History
 
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Votes House and Senate Votes
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