Bill No.: SF0034                  Drafter:  MQ

 

LSO No.:  05LSO-0267              Effective Date:  1/1/2005

 

Enrolled Act No.:  SEA0021

 

Chapter No.:       65

 

Prime Sponsor:     Joint Revenue Interim Committee

 

Catch Title:       Property tax relief program.

 

Subject:  Provides amendments to the property tax relief program.

 

Summary/Major Elements:

 

·        Provides amendments to the property tax relief program.  The program provides a refund of property taxes paid on the taxpayer's principal residence if the taxpayer meets certain income criteria.

 

·        Bill amends qualifications by:

o       Changing residency requirements from 10 years to 5 years;

o       Eliminating requirement of including all sources of taxable and nontaxable income of household members;

o       Requiring the taxpayer's gross income not to exceed the greater of ½ of the median gross household income for the applicant's county of residence or the state;

o       Increases the allowable household income from a total household income of $5,000 to a total of $20,000 per adult member of the household