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Senate approves property-tax deferral for low-income seniors, adds $10M bridge fund
Summary
Senate second substitute SB 25 creates a property-tax deferral for low-income seniors with home equity and sets aside $10,000,000 in a restricted account to help local governments manage initial revenue effects; sponsor said the measure differs from circuit-breaker programs by preserving estate tax liability.
Senators approved second substitute Senate Bill 25 on Feb. 2, 2022 after the sponsor clarified the bill’s purpose and answered a floor question about how it differs from existing circuit-breaker programs.
Senator Fillmore, the bill’s sponsor, told the Senate the legislation "provides a deferral, for property taxes for senior citizens who are low income, but who have equity in a home or in other real…
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