Property taxes for citizens 65 years or older who have filed the “Over 65 Homestead Exemption” will not increase above the tax ceiling because of the bond proposal. Under the “Over 65 Homestead Exemption” taxes are frozen at the dollar amount of the year the individual turned 65 and regardless of future tax rate increases and assuming no improvements are made to the homestead property, the tax levy for the 65-year-old will not increase beyond the ceiling dollar amount. If decreases in property value, tax rate declines, or change in exemptions cause the tax levy to fall below the ceiling amount, the over 65 taxpayers will pay the lower tax bill.