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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.

 

EFFECTIVE DATE:

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