This amendment replaces the homeowner property tax exemption calculation method, removes the sunset date, adds reporting and rulemaking requirements, delays implementation to 2026, and adds a provision for structures built during or after 2021.
- Removes reference to sunset date from bill summary and adds requirements for reporting and rulemaking. (Page 1, lines 2-3)
- Changes exemption calculation from 50% of fair market value to an amount equal to the increase in assessed valuation between 2021 and 2024. (Page 2, lines 5-15)
- Removes language referring to the exemption and instead establishes the cap as two million dollars on the increase in assessed valuation amount. (Page 2, lines 8-24)
- Adds provision that for structures constructed during or after 2021, the exemption equals the increase in assessed valuation between the construction year and 2024. (Page 2, line 10)
- Deletes two lines of text and renumbers remaining provisions. (Page 2, lines 22-23)
- Changes paragraph designation from (D) to (C) to reflect deletion of previous paragraph. (Page 3, line 2)
- Delays implementation of the exemption from tax year 2025 to tax year 2026. (Page 3, line 8)
- Replaces sunset and effective date provisions with requirements for the Department of Revenue to calculate and publish average increases in assessed valuation by county for 2021-2024 period, and establishes effective date of January 1, 2026 with immediate effective date for the revenue calculation and rulemaking sections. (Page 3, lines 10-13)
AI-generated summary · Verify against the amendment text (PDF) · Notice a problem? Let us know
