3.__Changes in just value.__A change, addition, reduction or improvement in the homestead must be assessed and the property tax levied as provided in this Part.__After an adjustment pursuant to this subsection, the assessment does not change.

4.__Claims.__A qualifying resident may file a claim for property tax relief with the tax assessor of the municipality in which the property is located and, upon approval, shall pay the tax levied on that property based upon the just value as determined under subsection 2 for the first year a claim for relief is filed.__As long as the person continues to meet the qualifications and subject to the modifications pursuant to subsection 3, the qualifying resident may continue to pay in each subsequent year the same amount of tax or any lesser amount that may be levied against the real property.

5.__Property tax relief in addition to other exemptions.__The property tax relief provided pursuant to this section is in addition to any other exemptions provided in this Part.

6.__Affect on state valuation.__The just value of a homestead qualifying under this section must be included in the annual determination of state valuation under sections 208 and 305.

7.__Municipal tax rate.__The value of the homestead exemptions under this section must be included in the total municipal valuation used to determine the municipal tax rate.__The municipal tax rate as finally determined may be applied only to the taxable portion of each homestead qualified for that tax rate.

SUMMARY

This bill stabilizes property taxes on homesteads owned by persons who are disabled or who are at least 65 years of age with a maximum specified income level by assessing property at just value. Each year the person qualifies, the property tax remains at the amount assessed the first year the person became eligible and applied for property tax relief.