HB3712: Relating to the homestead property tax deferral program.

Legislative Summary

The Act would change the metrics for real market value and income to make more people eligible to defer property taxes on their homes. The Act would have LRO study the value of basing program entry on equity vs. income and turn in a report next year. (Flesch Readability Score: 60.5). [Digest: The Act would change the metrics for real market value and income so that more people will be able to defer property taxes on their homes. (Flesch Readability Score: 63.3).] Changes the metrics for a homestead's real market value and the household income of a claimant in order to expand eligibility for the homestead property tax deferral program. Requires the Legislative Revenue Officer to submit a report to the Legislative Assembly about the equity that claimants hold in their homesteads and the advantages and disadvantages of determining program eligibility on the basis of equity rather than household income.