Section 15-6-305 - Property tax assistance program - fixed or limited income - inflation adjustments(1) There is a property tax assistance program that provides graduated levels of tax assistance for the purpose of assisting citizens with limited or fixed incomes. To be eligible for the program, applicants must meet the requirements of 15-6-302.(2) The first $350,000 in market value of residential real property qualifying for the property tax assistance program is taxed at the rates established by 15-6-134 multiplied by a percentage figure based on the applicant's qualifying income determined from the following table: Income Single Person | Income Married Couple Head of Household | Percentage Multiplier |
$0 - $13,590 | $0 - $18,310 | 20% |
$13,591 - $18,580 | $18,311 - $27,667 | 50% |
$18,581 - $27,621 | $27,668 - $37,019 | 70% |
(3) The market value in subsection (2) must be adjusted after each reappraisal cycle provided for in 15-7-111 using an inflation index based on the change in appraised value of a median value of residential real property participating in the property tax assistance program.(4) The qualifying income levels contained in subsection (2) must be adjusted annually using the PCE inflation factor defined in 15-6-301, rounded to the nearest whole dollar amount. If the adjustment results in a decrease in qualifying income levels from the previous year, the qualifying income levels must remain the same for that year.Amended by Laws 2023, Ch. 583,Sec. 2, eff. 10/1/2023, and applicable to property tax years beginning after December 31, 2023.Amended by Laws 2021, Ch. 510,Sec. 2, eff. 5/14/2021, applicable retroactively, within the meaning of 1-2-109, to property tax years beginning after December 31, 2020.Amended by Laws 2017, Ch. 7,Sec. 3, eff. 10/1/2017.Added by Laws 2015, Ch. 361, Sec. 12, eff. 4/29/2015, and applicable retroactively, within the meaning of 1-2-109, to tax years beginning after 12/31/2014, and to the reappraisal cycle beginning 1/1/2015. See Laws 2015, Ch. 361, Sec. 34.