Bill
SD 1361
Overview: Bill SD 1361, "An Act relative to senior property tax deferral", has passed the House and is awaiting the Governor's signature. It was introduced on February 27, 2025.Pur
Overview: Bill SD 1361, "An Act relative to senior property tax deferral", has passed the House and is awaiting the Governor's signature. It was introduced on February 27, 2025.
Purpose and Intent: The bill aims to provide property tax relief for senior citizens in the state, allowing them to defer payment of their property taxes until the sale of their home or their passing.
Key Provisions:
- Enables seniors aged 65 and older to defer payment of their property taxes
- Deferred taxes accrue interest at a rate of 4% per year
- Deferred taxes must be repaid upon the sale of the home or the owner's death
- Eligibility is based on income thresholds and length of homeownership
Affected Parties and Impacts: This bill would directly benefit senior homeowners by reducing their immediate tax burden and allowing them to age in place. It may also have secondary impacts on local government budgets due to the deferred tax revenue.
Procedural and Timeline Considerations: The bill has passed the House and is now awaiting the Governor's signature to become law. If signed, the program would take effect starting in the next tax year.
Compiled from official sources — confirm details with the bill’s official record.
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