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SD 2467

An Act authorizing the establishment of a mean tested senior citizen property tax exemption

194th Legislature (2025-2026) Introduced by Jason Lewis

Summary of SD 2467: Mean Tested Senior Citizen Property Tax Exemption Purpose and IntentThis proposed bill would authorize the establishment of a means-tested property tax exemptio

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Bill Summary · SD 2467

Summary of SD 2467: Mean Tested Senior Citizen Property Tax Exemption

Purpose and Intent

This proposed bill would authorize the establishment of a means-tested property tax exemption for senior citizens in the state. The goal is to provide tax relief for elderly residents who may be on fixed incomes and struggling to afford rising property taxes.

Key Provisions

  • Allows municipalities to opt-in to offering a property tax exemption for senior citizens who meet certain income and asset thresholds
  • Sets the income limit at 300% of the federal poverty level ($42,930 for an individual in 2025)
  • Exempts 50% of the first $200,000 in assessed home value from property taxes for eligible seniors
  • Requires seniors to be at least 65 years old and have lived in their home for at least 10 consecutive years to qualify
  • Authorizes municipalities to further adjust income limits and exemption percentages as needed

Impact

This bill is intended to provide financial relief for low-to-moderate income senior citizens who own their homes. By reducing their property tax burden, it could help elderly residents on fixed incomes remain in their homes and communities for longer.

The opt-in structure gives local governments the flexibility to implement the exemption program in a way that meets the needs of their senior populations. However, the income threshold and exemption level are set at the state level.

If passed, the bill would take effect on January 1, 2026, giving municipalities time to establish their own exemption programs before the start of the next fiscal year.

Compiled from official sources — confirm details with the bill’s official record.

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