SF0069H3003

This amendment modifies the homeowner property tax exemption by establishing a variable exemption amount for tax year 2025 based on county-specific property value increases, and standardizes the exemption calculation methodology for subsequent years.

• For tax year 2025 only, the exemption amount is set at 25% of the average county percentage increase in market value of single-family residential properties between 2020 and 2024, capped at the first $2,000,000 of fair market value. Starting in tax year 2026, the exemption calculation methodology changes to a standardized percentage-based approach. (Page 2, lines 1-13)
• Changes the exemption calculation for tax year 2026 and thereafter to use 50% of the average county percentage increase in market value, replacing the original flat 25% exemption amount. (Page 2, lines 15-16)
• Clarifies that the exemption applies only to owner-occupied single-family residential properties and adjusts the baseline year for calculating property value increases from 2019 to 2020. (Page 2, lines 18-21)
• Specifies that the relevant market value increases and property assessments are measured based on the county where the property is located. (Page 2, lines 24-25)
• Removes a previously added limitation on the exemption calculation from earlier amendments. (Page 2, lines 28-31)
• Removes a definition-related provision from a previous amendment. (Page 3, lines 33-34)
• Updates the calculation methodology in Section 3 to reference 'percentage increase in market value' instead of 'average increase in assessed valuation', changes the baseline year from 2019 to 2020, and replaces the appropriation expiration provision with an immediate effective date clause. (Page 3, lines 36-43 and page 2, lines 1-5)

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