This bill modifies property tax relief provisions.
This bill:
- defines terms;
- expands household income eligibility and increases credit amounts for property tax relief in the form of a renter's credit, beginning in 2027;
- prohibits taxpayers from receiving property tax relief in the form of a homeowner's credit unless the taxpayer received the credit within the previous two years, beginning in 2027;
- removes requirements for annual inflation adjustments for a homeowner's credit;
- changes the qualifications, scope, duration, and rates of interest applicable to the discretionary and nondiscretionary property tax deferral programs, beginning in 2027;
- prohibits taxpayers from receiving indigent property tax abatement unless the taxpayer received an abatement within the previous two years, beginning in 2027;
- requires county auditors to include information on the property tax valuation notice regarding the availability of property tax deferral programs;
- requires county treasurers to include information on the tax notice regarding the amount of outstanding taxes and interest for taxpayers who receive a property tax deferral;
- prohibits taxpayers from receiving more than one form of property tax relief, with certain exceptions, beginning in 2027; and
- makes technical and conforming changes.