HB 1075: Property taxes.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Provides that, for assessments beginning in 2026, the assessed value of homestead property shall not be subject to annual adjustments (trending), but instead shall be determined based on the assessed value of the homestead on the January 1, 2025, assessment date, the assessed value of the homestead on the first assessment date that it becomes homestead property, if it was not a homestead on the January 1, 2025, assessment date, or the sales price or fair market value of the homestead, if there is a change of ownership after January 1, 2025. Increases the amount of the assessed value deduction for disabled veterans. Phases in the increase over five years from $24,960 under current law to $50,000 for assessments beginning in 2030. Provides for a five year phase in of a 100% property tax credit for the property tax liability imposed on the homestead of an individual who is or will be at least 65 years of age on or before December 31 of the calendar year immediately preceding the current calendar year in which the individual's property taxes are first due and payable. Specifies, beginning with property taxes first due and payable in 2026, the annual amounts of the phased in property tax credit for such an individual's homestead. Makes conforming changes.

Sponsors

Sponsors by party (alphabetical): Republican 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. January 8, 2025First reading: referred to Committee on Ways and Means
2. January 8, 2025Authored by Representative Haggard