No. SJR 274
Filed under Taxes & Budget.
Homestead Property Tax Benefits for Long-term Owners; Proposing amendments to the State Constitution to provide that the assessed value of homestead property may not increase after 20 years of ownership and residency, to provide an additional homestead tax exemption equal to 50 percent of the assessed value of property, other than school district levies, for persons who have owned and resided on the property as their permanent residence for 30 years or more, and to provide an effective date, etc.
Plain English Summary
AI-GENERATEDAfter 20 years of continuous ownership and residency, a homestead's assessed value freezes and may not increase. This cap applies permanently as long as the property retains its homestead exemption status.
After 30 years of ownership and residency, owners receive an additional exemption equal to 50% of the assessed value. This exemption applies to all ad valorem taxes except school district levies.
Owners may aggregate periods of ownership and residency across multiple homestead properties to meet the 20- and 30-year thresholds. Property appraisers must maintain records to verify this eligibility.
AICreates a permanent cap on assessed value growth for long-term owners
AIGrants a new tax exemption equal to half the assessed value for 30-year owners
AIExcludes the 50% exemption from school district taxes, limiting its total benefit
AIAllows owners to combine time spent on multiple homesteads to meet the 20- and 30-year thresholds