This amendment revises the homeowner property tax exemption to base it on the increase in assessed valuation from 2019 to 2024 rather than fair market value, adds reporting and rulemaking requirements, eliminates the sunset date, and extends the implementation timeline.
- Removes the sunset date provision and replaces it with language requiring reporting and rulemaking requirements. (Page 1, lines 2-8)
- Changes the exemption calculation from a percentage of fair market value to fifty percent of the increase in assessed valuation from 2019 to 2024. (Page 2, lines 5-13)
- Establishes a two million dollar cap on the exemption amount, applying to the increase in assessed valuation rather than fair market value. (Page 2, lines 9-22)
- For newly constructed single family residential structures built during or after 2019, limits the exemption to fifty percent of the increase in assessed valuation between the year of construction and 2024. (Page 2, lines 24-30)
- Deletes prior amendment language and renumbers subsection designation from (D) to (C). (Page 2, lines 22-23 and Page 3, line 2)
- Delays the effective date of the exemption from 2025 to 2026. (Page 3, line 8)
- Adds requirement for the Department of Revenue to calculate and publish the average increase in assessed valuation for residential properties by county for the 2019-2024 period. (Page 3, lines 10-13 (new Section 3))
- Requires the Department of Revenue to promulgate rules to implement the act, including methods for calculating assessed valuation reductions by county. (Page 3, lines 10-13 (new Section 4))
- Sets the act's effective date as January 1, 2026, with Sections 4 and 5 effective immediately upon bill passage. (Page 3, lines 10-13 (new Section 5))
- Deletes previous amendments SF0069H2001, SF0069H2002, and SF0069H2004 in their entirety. (Page 1, lines 1-3 and Page 2, lines 22-23 and Page 3, lines 37-39)
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