Property Tax?Regular Levies. All real and personal property is subject to a tax each year based on the highest and best use, unless a specific exemption is provided by law.
Senior Citizen and Disabled Persons Property Tax Exemption. Authorized by a constitutional amendment, qualifying senior citizens, persons retired due to disability, and qualifying veterans are entitled to a senior citizen and disabled person property tax exemption (SPTE) on their principal residence and up to one acre of land. Certain zoning or land-use regulations may allow additional acreage.
To qualify for the SPTE, a person must be:
The home must be owned and be the primary residence of the applicant. An applicant's combined disposable income must be under the county's income threshold to qualify. Eligible individuals may qualify for a partial property tax exemption and a valuation freeze.
Tax Preference Performance Statement. State law provides for a range of tax preferences that confer reduced tax liability upon a designated class of taxpayer. Tax preferences include tax exclusions, deductions, exemptions, preferential tax rates, deferrals, and credits. Legislation that establishes or expands a tax preference must include a Tax Preference Performance Statement (TPPS) that identifies the public policy objective of the preference, as well as specific metrics that the Joint Legislative Audit and Review Committee (JLARC) can use to evaluate the effectiveness of the preference. All new tax preferences automatically expire after ten years unless provided otherwise.
For property taxes levied for collection in 2025 and after, a qualifying primary residence may have one detached accessory dwelling unit (ADU) under the SPTE. An ADU is defined as a separate, autonomous residential dwelling unit that provides complete independent living facilities for one or more persons and includes permanent provisions for living, sleeping, eating, cooking, and sanitation.
The requirements for a TPPS and JLARC review do not apply to this act. This tax preference does not expire.