This bill freezes assessed value of homestead at the amount from the preceding year for purposes of property taxation under the homestead property tax deferral program, also known as the Senior and Disabled Property Tax Deferral Program. Freeze specifically applies to individuals at least 68 years of age or with disability that would be eligible if not for a reverse mortgage on the homestead. Sets a sunset date for the freeze and provides a grandfather clause.
The bill only applies to certain seniors who have been excluded from the senior citizens property tax deferral program due to having a reverse mortgage. We want to confirm that to be the intent of the bill, to help plan for implementation.