No. SB 276
Filed under Taxes & Budget.
Homestead Property Tax Benefits for Long-term Owners and Permanent Residents; Requiring that certain property be assessed at less than just value when the person who owns the property has owned and used the property as his or her permanent residence for a specified timeframe; providing that the assessed value of such property shall be a certain amount and may not be increased under certain circumstances; specifying a homestead exemption for certain long-term owners and residents; authorizing periods of ownership and residency to be aggregated, etc.
Plain English Summary
AI-GENERATEDHomeowners who have lived in their property for 20 years or more will have their assessed value frozen at the level it reached in their 20th year. This prevents future property tax increases on that specific property, regardless of how much the market value rises.
Homeowners who have lived in their property for 30 years or more will receive a new exemption equal to 50 percent of the property's assessed value. This exemption reduces the amount of property taxes owed, but it does not apply to school district levies.
The bill allows owners to combine time spent living in multiple different homes to reach the 20-year or 30-year thresholds. Property appraisers are required to keep records of previous homes to verify that these combined periods meet the legal requirements.
These new tax benefits will first apply to the 2027 tax roll. The bill only takes effect if a related amendment to the State Constitution is approved by voters in a general or special election.
AILocks the assessed value of a homestead property at the level it reached in the 20th year of continuous ownership and residency, preventing any future increases.
AIGrants a 50% exemption on all ad valorem taxes, excluding school district levies, to individuals who have owned and resided in a property for 30 years.
AIAllows owners to combine periods of ownership and residency across multiple homestead properties to meet the 20-year or 30-year eligibility thresholds.
AIPermits the Department of Revenue to adopt emergency rules to administer the new tax benefits, effective for six months and renewable during permanent rulemaking.