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HB 0887 - Revenue and taxation; authorize assessment of residential homesteaded property owned by individuals who are 65 years of age or older at 20 percent of its fair market value; provide for local referenda

Tracking Level: Watch
Sponsor: Ron Stephens (R)
Last Action: 1/14/2022 - House - House Second Readers
House Committee: Ways and Means
Assigned To:
FundingNext Bill
TaxationNext Bill

Staff Analysis of the Legislation

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SUMMARY:  LC 44 1577

This is the enabling legislation for a constitutional amendment, HR 571. 

If HR 571 passes and is approved by the voters, local boards of education would be authorized to adopt a resolution to call a referendum to allow homesteaded property of those 65 and older to be assessed at 20% of the fair market value for property taxes levied for school districts.  Assessed value is currently 40% of the fair market value.

The referendum would be required to be held 30 - 60 days after adoption of the resolution. If approved by the voters, the change in assessment would be effective on January 1st the following year.



If HR 571 becomes law, January 1, 2023 

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text