2023 Regular Session SB 655

• Bill Title: Relating to a frozen assessed value for the homesteads of certain individuals; prescribing an effective date.

Catchline/Summary

Provides, for purposes of ad valorem property taxation, frozen assessed value for homestead of individual at least 68 years of age, or person with disability, if homestead and individual would be eligible for homestead property tax deferral program but for fact that homestead is pledged as security for reverse mortgage. Provides that frozen assessed value equals assessed value of homestead for property tax year immediately preceding first property tax year to which valid claim relates. Provides that, after occurrence of certain circumstances, homestead shall be assessed and taxed as other property similarly situated is assessed and taxed.

Sunsets program after six years. Maintains frozen assessed value for homesteads granted frozen assessed value before sunset.

Takes effect on 91st day following adjournment sine die.

• Fiscal Impact: May Have Fiscal Impact, But No Statement Yet Issued
• Revenue Impact: May Have Revenue Impact, But No Statement Yet Issued
• Current Location: In Senate Committee
• Current Committee: Senate Committee On Finance and Revenue