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Legislative Year: 2020 Change
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Bill Detail: SB20-148

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Title Property Tax Exemption Value Adjustments
Status Senate Committee on Finance Postpone Indefinitely (02/27/2020)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors L. Saine (R)
Senate Sponsors V. Marble (R)
House Committee
Senate Committee Finance
Date Introduced 01/27/2020
Description

Under current law, 50% of the first $200,000 of actual value of the
owner-occupied primary residence of a qualifying senior or a qualifying
disabled veteran is exempt from property taxation. The bill increases the
Capital letters or bold & italic numbers indicate new material to be added to existing law.
$200,000 to $435,000 for the 2020 property tax year to account for the
increase in the average actual value of residential real property, excluding
new residential construction when initially constructed, in the state from
January 1, 2002, when the exemption for qualifying seniors first took
effect, through December 31, 2019. Thereafter, the bill annually increases
or decreases the amount of actual value of which 50% is exempt by a
percentage equal to the percentage change in the average actual value of
residential real property, excluding new construction when initially
constructed, in the state, as determined by the state property tax
administrator.

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Fiscal Notes Fiscal Notes (02/05/2020) (most recent)  
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