Introduced
by
To replace references to “homestead” in the General Property Tax Act with the term “principle residence.” The definition in the Act would be the same as that now used for “homestead.” Recent testimony indicates that some homeowners eligible for lower “homestead” rates on property tax levies have been confused by the existance of an unrelated “homestead” income tax credit for low income persons, and have therefore failed to fill out a required “homestead affidavit” certifying that their home is their principle residence. Unlike the income tax credit, the lower property tax rate on a person’s principle residence does not depend on income, but the affidavit is required to get the lower rate.
Referred to the Committee on Tax Policy
