SF0069H3006

This amendment modifies the homeowner property tax exemption bill to instead create a reduced tax assessment rate for residential real property and owner-occupied primary residences starting January 1, 2027.

• Updates the bill's subject matter to specify that it addresses property tax assessment rates for residential real property, in addition to taxation generally. (Page 1, lines 1-3)
• Adds references to statute sections 39-11-101(a)(xvii) and 39-13-103(b)(iii), establishing that the bill creates new definitions and tax rate provisions in those sections. (Page 1, lines 5-8)
• Corrects grammatical structure to reflect that multiple statute sections are being amended. (Page 1, lines 10-13)
• Adds definition of 'taxable value' for residential real property at 9.5% of fair market value, with a reduced rate of 8.3% for owner-occupied primary residences beginning January 1, 2027. Also defines 'owner occupied primary residence' as residential real property with fair market value not exceeding $5,000,000 where the owner resides at least six months per tax year, and defines 'residential real property' as dwellings housing not more than three families used as a primary residence. (Page 1, after line 8; Pages 1-2)
• Adds identical taxable value provisions (9.5% for residential real property generally, 8.3% for owner-occupied primary residences beginning January 1, 2027) to section 39-13-103 governing the imposition of property taxes. (Page 3, after line 5)

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