HB1798I-PROPERTY TAX: PROPERTY TAX DEFERRALS
Summary of the Introduced Bill

HB 1798 -- Property Tax:  Property Tax Deferrals

Co-Sponsors:  Hilgemann, Scheve, Bray, Van Zandt, Abel

This bill creates a senior citizens homestead property tax
deferral program.

The program allows qualified senior citizens to defer all or part
of real property taxes owed on their qualifying homestead until
the property is sold or transferred upon death, or until the
senior citizen no longer is qualified to defer the taxes.  The
qualified senior citizen must be 62 years of age or older and
have a household income of less than $32,000 per year.

The Department of Revenue will administer the program.  Eligible
senior citizens must file a claim with their county assessor to
participate in the program.  The assessor then forwards each
claim to the department.  The senior citizen needs to file only
once for continuing deferral in future tax years.  A lien will be
placed upon the property in the amount of the deferral each year.
The amount of the lien will be the amount of taxes deferred plus
interest at 6% per annum.

The department will use funds from the Senior Property Tax
Deferral Revolving Account, which is created in the bill, to
reimburse political subdivisions for any losses resulting from
the deferral program.  The fund will be funded initially with
appropriations from state general revenue until sufficient funds
exist to reimburse all political subdivisions in the account from
repayment of deferred property taxes plus interest.  When excess
funds exist, the fund will also be used to reimburse state
general revenue.  The bill also grants authority for revenue
bonds to be issued in lieu of using general revenue to fund the
revolving account.  The bonds would be retired in the same manner
that state general revenue would be reimbursed.

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Last Updated October 11, 2002 at 9:02 am