HB 1298 -- Property Tax:  Homestead Exemption

Sponsor:  Hanaway

This bill authorizes a homestead exemption for purposes of real
property taxation for taxpayers who are 80 years old or older.
The homestead exemption amount will be any future increases in
assessed valuation on the homestead from the year the taxpayer
reaches the age of 80 or the effective date of the bill,
whichever is later.

The qualified taxpayer must file an application with the county
clerk by June 1 of the year preceding the year for the
exemption. Once the exemption is granted, the taxpayer need file
no further application to qualify.  The state will be required
to reimburse the losses of any political subdivision as the
result of the homestead exemption through a voucher system
administered by the State Tax Commission and the Office of
Administration, subject to appropriation.

The bill will become effective January 1, 2002.