SF0110H3005

This amendment replaces the original tax assessment provision with a phased approach that exempts increasing portions of residential property value from mills assessment over three years before full assessment resumes.

• Replaces the previous blanket zero mills assessment for residential primary residences with a three-year phase-in schedule: 2028 exempts the first $3,000,000 of fair market value; 2029 exempts the first $2,000,000; 2030 exempts the first $1,000,000; and beginning 2031, full mills assessment applies to all residential property. (Page 5, lines 1-28)
• Changes the claim submission deadline from the fourth Monday in May to March 1 of each year, and adds a requirement that owners must demonstrate both ownership and that the property is their primary residence to receive the exemption. (Page 5, lines 30-36)

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