HB3755: Relating to a property tax exemption for the homesteads of certain seniors; prescribing an effective date.

Legislative Summary

The Act would grant a tax break for the owner-occupied homes of people who are at least 65 years old, have resided in the home for at least 10 years and have a household income of not more than $150,000 a year. The Act would increase the tax break by five percentage points each year. (Flesch Readability Score: 62.0). Creates a property tax exemption for the owner-occupied principal dwelling of seniors who are at least 65 years of age, have resided in the dwelling for at least 10 years and have a household income not greater than $150,000 per year. Provides an exemption of the assessed value of the homestead in annually increasing increments of five percentage points. Takes effect on the 91st day following adjournment sine die.