Committee hears Rosensweig’s proposal to let lower‑income seniors defer property‑tax increases via state loans

Summary

Rep. Scott Rosensweig told the House Taxation Committee that HB 836 would let qualifying seniors and some active‑duty personnel defer increases in property taxes into a state liened loan with simple interest and a 5% cap; the Board of Housing would administer the program and an initial $50 million fund was requested.

Representative Scott Rosensweig introduced House Bill 836 to the House Taxation Committee as a property‑tax deferral loan program intended to help lower‑income seniors stay in their homes when property taxes rise. Rosensweig said the bill would finance only the increase in property taxes since 2022 rather than the entire tax bill and described the plan as a state‑managed reverse‑mortgage‑style loan with simple interest and consumer protections.

Rosensweig told the committee the loan would be offered at the prime mortgage rate or 5%, whichever is less, and would not compound: "these loans get paid back to the state when the home is sold by the owners or when the estate is sold after the owner's death," he said, adding the loan uses simple interest so interest does not compound. He said the program would be structured as liens and therefore would not create a general‑fund loss.

Elig…

Committee hears Rosensweig’s proposal to let lower‑income seniors defer property‑tax increases via state loans

Summary

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