This bill provides that the law enacted in 2022 providing a process for stabilization of property taxes for permanent residents of this State who are 65 years of age or older and have owned a homestead in the State for at least 10 years applies only to the property tax year beginning April 1, 2023. For property tax years beginning on or after April 1, 2024, the bill replaces the stabilization program with an increased homestead property tax exemption of $75,000 just value.

Statutes affected:
Bill Text LD 130, SP 69: 36.683, 36.6281