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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:

Funding	Next Bill
Taxation	Next 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