Bill Summary

by Bernard

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. Effective Date: On the effective date of the amendment to the State Constitution proposed by SJR 274 or a similar joint resolution having substantially the same specific intent and purpose, if such amendment to the State Constitution is approved at the next general election or at an earlier special election specifically authorized by law for that purpose

Committee references not assigned.