SF0069H3004

This amendment modifies the homeowner property tax exemption structure by making the exemption amount variable based on county market value increases for 2025, reducing the maximum property value cap, and adjusting the effective date provisions.

• For tax year 2025, the exemption is reduced to 25% of the average county percentage increase in market value between 2020 and 2024 (rather than a flat 25% of fair market value), and the cap on property value subject to exemption is lowered from $2,000,000 to $1,000,000. For tax year 2026 and thereafter, the exemption reverts to 50% of the average county percentage increase in market value. (Page 2, lines 4-17)
• Changes the reference from 'a single family residential structure' to 'an owner-occupied single family residential structure' and updates the baseline year from 2019 to 2020 for calculating the average county percentage increase. (Page 2, lines 5-25)
• Specifies that the property value cap applies to property located in the county where the exemption is being claimed. (Page 2, lines 27-28)
• Reduces the fair market value cap from $2,000,000 to $1,000,000 for purposes of calculating the exemption. (Page 2, lines 30-33)
• Removes previous amendments regarding application terms for the exemption. (Page 2, lines 35-38)
• Removes a previous amendment provision. (Page 3, lines 8-41)
• In Section 3, changes the definition of the exemption basis from 'average increase in assessed valuation' to 'percentage increase in market value' and updates the baseline year from 2019 to 2020. Replaces the sunset and appropriation language with a standard immediate effective date provision. (Page 3, lines 10-13 and Page 1, lines 1-12)

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