Nonprofit homes for the aging

From the 2024 DOR Tax Exemption Study

84.36.041 - Nonprofit homes for the aging Description Real and personal property owned or leased by a nonprofit home for the aging is exempt if one of the following met: - Residents occupy at least 50% of the dwellings. - The federal department of housing and urban development program subsidizes the home. - The home for the aging is financed in part by tax exempt bonds. Property taxes do not apply if home financing is 75% tax exempt bonds and the financing requires a certain percentage of dwellings for low-income residents. The exemption lasts as long as the bonds or the requirement for low-income resident dwellings, whichever is shorter. A partial exemption applies if the home fails to qualify in its entirety. A partial exemption applies for areas jointly used by a home for the aging and a nonprofit organization that is also exempt from property taxes. Purpose Providing equal treatment of senior citizens who own their own homes and qualify for the senior citizen property tax exemption and those residing in homes for the aging. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $7.658 $7.842 $8.031 $8.227 Local Taxes $22.653 $23.921 $25.262 $26.681 Repeal