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House Bill 1007

House Bill 1007

ARCHIVE (2004)

Latest Information

DIGEST OF HB 1007 (Updated January 7, 2004 8:42 pm - DI 92)

Property tax credits and deductions. Allows a property owner to determine the year in which a five year residential rehabilitation property tax deduction period begins and allows a property owner to revive a deduction not taken for the assessment date in 2003 or an earlier year. Provides a property tax credit, phased out over four years, based on the amount by which a tax increase resulting from a general reassessment exceeds 75%. Provides a property tax credit to a homestead owner equal to the lesser of $2,000 or the amount by which property taxes exceed a percentage of the owner's adjusted gross income. Specifies that the assessed value of the homestead may not exceed $180,000, and that the owner must have owned the homestead for at least five years.
Current Status:
Out of Committee - first House
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