SF0110H2002

This amendment modifies the residential property tax rate structure to apply a tiered assessment rate based on property fair market value rather than a single uniform rate.

• Changes the 8.3% assessment rate for owner-occupied primary residences to apply only to the first $1,000,000 of fair market value, with a 9.5% rate applied to any fair market value exceeding $1,000,000. (Page 2, line 17)
• Makes the same tiered rate change (8.3% for first $1,000,000 of fair market value; 9.5% for amounts over $1,000,000) in the parallel provision of the statute. (Page 4, line 8)
• Limits the application of school district mills to only the first $1,000,000 of the fair market value of residential real property, so mills are not assessed on the portion of value exceeding $1,000,000. (Page 5, line 3)

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