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DIGEST OF INTRODUCED BILL
Property tax deferral for the elderly. Provides a property tax deferral to homestead owners who are at least 65 years of age and who have adjusted gross incomes of less than $55,000. Provides that the deferral for an individual with adjusted gross income of not more than $20,000 is equal to the increase in the net property tax liability since the date of qualification on the individual's homestead. Provides that the deferral is phased out as the individual's adjusted gross income approaches $55,000. Provides that the property tax deferral becomes a lien against the property in favor of the state. Provides replacement revenue to local units from the property tax replacement fund. Appropriates money from the property tax replacement fund to replace the revenue lost from property tax deferrals.