HB1248: Tax deduction and credit for persons age 65 or older.

Legislative Summary

Tax deduction and credit for persons age 65 or older. Increases the maximum assessed value of the real property of an individual at least 65 years of age to be eligible for the over 65 deduction from $240,000 to $340,000 for an assessment date between December 31, 2024, and January 1, 2026. Increases the maximum assessed value limitation for the over 65 deduction by $1,000 per assessment year thereafter. Increases the maximum assessed value of the real property of an individual at least 65 years of age to be eligible for the additional credit for certain homesteads (the over 65 circuit breaker credit) from $240,000 to $340,000 for an assessment date between December 31, 2024 and January 1, 2026. Increases the maximum assessed value limitation for the over 65 circuit breaker credit by $1,000 annually per assessment year thereafter. (Current law provides that for an individual who has received the over 65 circuit breaker credit in a previous year, increases in assessed value that occur after the later of December 31, 2019, or the first year that the individual has received the over 65 circuit breaker credit, are not considered unless the increase in assessed value is attributable to substantial renovation or new improvements.)