No. SB 280
Filed under Taxes & Budget.
Assessment of Homestead Property; Limiting the assessed value upon change of ownership of homestead property having a prior assessed value below a certain amount when the person acquiring the property is entitled to a homestead exemption, etc.
Plain English Summary
AI-GENERATEDWhen a homestead owner buys a home previously assessed under $500,000, the new assessed value is capped at 150% of the prior year's value.
This prevents a sudden spike in property taxes for buyers of lower-value homes, even if the sale price is higher.
The cap applies only if the buyer is entitled to a homestead exemption and the prior assessed value was below the threshold.
After the first year, standard annual assessment limits apply to the property.
AILimits the assessed value of a homestead property to 150% of its prior year's value if the new owner is eligible for a homestead exemption and the property was previously assessed below $500,000.