Committee hears amendments to property tax freeze bill that would raise income and value thresholds

A Senate committee heard testimony on proposed changes to the state’s property tax freeze rebate program that would exclude Social Security from household income, raise the program’s household income cap to $80,000 and increase the base-year homestead appraised-value cap to $595,000.

The bill sponsor, identified in committee as Amelia, said the measure would amend “79 45 0 8 a” to exclude all payments under the Federal Social Security Act from the definition of household income, raise the household income upper limit to $80,000 and raise the appraised-value cap for a claimant’s homestead base year to $595,000. Amelia said the bill would “add a new annual adjustment to the upper limit appraised value threshold for the base years commencing after 2025,” and that the income…