From state Representative Matthew Winslow —
As the long session gets underway, House Representative Matthew Winslow (R-Franklin, Granville) is spearheading House Bill 105 entitled “Elderly Property Tax Appreciation Exclusion.” In addition, his colleagues Representatives Loftis, Miller, and Penny have agreed to be primary sponsors.
In short, if this bill is passed, a qualifying homeowner may defer the portion of the principal amount of tax that is imposed for the current tax year on any increase in the appraised value of the owner’s (over the age of 65) permanent residence over the qualifying value. This legislation also includes a provision whereby the homeowner cannot lose this tax deferral benefit because of a temporary absence for reasons of health or because of an extended absence while confined to a rest home.
When asked why he introduced this bill, Rep. Matthew Winslow answered, “I want to help our seniors stay in their homes. Usually, our seniors are on fixed incomes and this bill will protect them from rising property taxes and help them remain in their permanent residence.”
House Bill 105 was referred to the Finance Committee on February 14th and, if favorable, will advance to the Rules, Calendar, and Operations of the House Committee.