SF0069H3005

This amendment modifies the homeowner property tax exemption by changing the calculation method, adjusting the cap on exemption value, and refining related provisions.

• Removes two previous third reading amendments (SF0069H3003/AE and SF0069H3004/AE). (Page 1, lines 1-3)
• For tax year 2025, changes the exemption calculation to twenty-five percent (25%) of the average county percentage increase in market value between 2020 and 2024, with a cap of $500,000 in fair market value. For tax year 2026 and thereafter, the exemption will be based on fifty percent (50%) of the average county percentage increase. (Page 2, line 4)
• Modifies the exemption formula to reference average county percentage increase in market value rather than a fixed percentage. (Page 2, lines 5-6)
• Changes the reference baseline year from 2019 to 2020 for calculating the average county percentage increase. (Page 2, line 6)
• Clarifies that the exemption applies to owner-occupied single family residential structures and associated improved land. (Page 2, line 6)
• Specifies that the exemption calculation references the county where the property is located. (Page 2, lines 7-8)
• Reduces the fair market value cap for which the exemption applies from $2,000,000 to $500,000. (Page 2, lines 9-10)
• Removes previous amendments that modified line 10 of page 2. (Page 2, lines 37-40)
• Removes a previous second reading amendment to page 3, line 8. (Page 3, lines 8-9)
• Changes the definition in Section 3 from average increase in assessed valuation to percentage increase in market value, updates the baseline year from 2019 to 2020, and replaces the remainder of the amendment with an immediate effective date provision. (Page 3, lines 10-13)

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