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Senate advances property-tax deferral for some seniors; sponsor highlights $10M state bridge fund
Summary
Senate Second Substitute SB 25 would allow low-income seniors with high home-based net worth to defer property taxes (with interest payable by the estate) and establishes a one-time $10 million restricted state fund to help counties manage short-term revenue impacts. The bill passed third reading as announced on the floor.
Senators advanced Second Substitute Senate Bill 25 after a floor presentation by Senator Fillmore, who described the measure as a targeted property-tax deferral aimed at seniors with low incomes but substantial home-based net worth.
"Rather than abating tax … this allows the property tax to be deferred with interest," Senator Fillmore said, arguing the approach avoids shifting the cost of abatement to other taxpayers and reduces pressure on seniors to sell or re-mortgage their homes.
Key features explained on the floor: - The bill creates a property tax deferral program (not an exemption…
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