Prohibit an increase in property value for homesteads owned by persons age 65 or older

This bill establishes a property tax valuation freeze for homesteads owned and occupied by individuals who are 65 years of age or older, effective starting with the 2026 tax assessment. Under this provision, the estimated market value of the home, garage, and surrounding acreage cannot increase from the previous year's value unless the property has been improved or renovated. To qualify, both spouses in a married couple must be at least 65, and owners must apply to their county assessor by July 1 of the assessment year with proof of age. The legislation also requires county assessors to update their annual public notices to inform eligible residents about this new valuation limitation.