No. SB 286
Filed under Taxes & Budget.
Assessment of Changes, Additions, or Improvements to Homestead Properties; Revising the manner of assessing the value of changes, additions, or improvements to homestead property, etc.
Plain English Summary
AI-GENERATEDThe bill deletes the existing 130% square-footage limit and 2,000-square-foot cap that previously governed how homestead improvements are assessed.
It adds a new rule: if the total just value of changes is under $100,000, the added value is calculated using a specific percentage formula.
The new formula multiplies the property's assessed-to-just-value ratio by the just value of the improvement.
The new rule does not apply if the improvement replaces all or a substantial portion of the property or increases square footage by more than 25%.
AICreates a new assessment method for homestead improvements under $100,000
AIRemoves specific assessment rules for properties damaged by misfortune or calamity
AIRemoves assessment rules for non-homestead properties damaged by calamity that later receive exemption
AIAdds a 25 percent square footage increase limit for calamity-related improvements