Senior Valuation Freeze

Provides for those who apply and qualify, the taxable market value will not increase on a homestead
property owned by a person 65 years of age or older before January 1. All sources of income, including
taxable and nontaxable monies, cannot exceed $32,352 for a single owner or $40,440 for two or more
owners, in an average of income for the previous year unless the individual ceases to own or occupy the
property, the income exceeds the limit, or if improvements have been made to the property. (S.Q. 677)

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