Revise the freeze on assessments for dwellings of disabled and senior citizens.
Impact
The bill directly impacts state laws regarding property tax assessments for certain groups, specifically senior citizens and individuals with disabilities. By amending the criteria needed to qualify for the assessment freeze, the changes would allow more individuals to qualify based on adjusted income limits. Starting January 1, 2023, these income limits will be indexed to inflation, aimed at maintaining access for affected homeowners despite economic fluctuations. This legislative shift underlines a broader commitment to support these groups by alleviating some financial burdens associated with rising property taxes.
Summary
House Bill 1001 aims to revise the freeze on assessments for dwellings owned by disabled individuals and senior citizens in South Dakota. The legislation is designed to provide property tax relief by allowing eligible homeowners to keep their property tax assessments at a stable base year value, thus preventing significant increases in property taxes. This freeze is particularly directed at individuals who meet specific income thresholds, thereby ensuring assistance is targeted towards those who may be the most financially vulnerable.
Sentiment
Overall sentiment around House Bill 1001 appears to be favorable among legislators and advocacy groups that support senior and disabled citizens. The provision for income adjustments and the freeze mechanism have been touted as essential for enhancing the economic well-being of those demographics. However, some concerns may arise regarding how effectively the bill will be implemented and how many individuals will genuinely benefit from these revisions, particularly in terms of bureaucratic processes involved in applying for such tax relief.
Contention
Debate surrounding this bill may revolve around the adequacy of the proposed income thresholds and whether they sufficiently capture the financial realities of all potential applicants. Some advocates argue that the income limits may still exclude many individuals who are struggling but do not meet the stipulated criteria. Moreover, questions have been raised regarding the long-term fiscal impacts on local governments that rely on property tax revenues, suggesting a need for discussions on balancing tax relief with community funding needs.
Provide property assessment freeze and reduction of property assessment for certain seniors, and to revise qualifications for a property tax exemption.
Reduce the growth in the assessed value of owner-occupied property, limit increases in certain property tax revenues, revise provisions regarding school district excess tax levies, and revise eligibility requirements for a property tax assessment freeze.
Individual income tax: income; certain references in the income tax act; make gender neutral. Amends secs. 311, 504 & 522 of 1967 PA 281 (MCL 206.311 et seq.). TIE BAR WITH: HJR F'23
Individual income tax: property tax credit; credit percentages; modify. Amends secs. 508, 510 & 522 of 1967 PA 281 (MCL 206.508 et seq.). TIE BAR WITH: SB 0345'25
Individual income tax: property tax credit; credit for disabled veterans or widow or widower of disabled veterans who rent or lease a homestead; increase. Amends secs. 506, 520, 522 & 530 of 1967 PA 281 (MCL 206.506 et seq.).