While this
legislation will provide the greatest relief in the
first year - we are very concerned with what will happen
to homeowners who do not qualify for the Long-Time
Occupant Homestead Exemption (10 years + income
restrictions). These homeowners are going to be
faced with huge increases in the second and third
years.
This legislation also
does not achieve our goal of predictability and a
clear and transparent property tax system.
We vow to continue
the fight for property tax REFORM.
Stay with us for
ACQUISITION-BASED ASSESSING.
To the bill:
Essentially, law
changed the Alternative General
Homestead exemption (the 7% cap) to:
$33,000 exemption in the first year
$26,000 exemption in the
second year
and $20,000 exemption in the third
year.
The intent of this bill is to
"phase out" the Alternative General Homestead Exemption
(the 7% cap), and replace it with a Long-Time Occupant
Homestead Exemption.
The Long-Time Occupant Homestead
Exemption would apply to those who reside in their homes
ten years or more, and who earn under $75,000 household
income - to get a 7% assessment cap.
Those who have a household income of
$75,000 - $100,000 would qualify for a 10%
cap.
The Long-Time Occupant Homestead
Exemption is now taking effect in the second year
of the legislation.
The law includes:
- Disabled veterans
exemption
- Returning Veteran's homestead
exemption (one-time benefit)
- Disabled persons' homestead
exemption
- Disabled veterans standard homestead
exemption
- An increase to the senior
citizens homestead exemption
- An increase in the senior citizens
assessment freeze homestead exemption
- An abatement for the residence of a
surviving spouse of a fallen police officer or rescue
worker
The law also establishes a
Property Tax Reform and Relief Task Force selected from
the House and the Senate.
