Introduced
by
To grant a pro-rated homestead property tax exemption after May 1 to a person who acquires and occupies a homestead for which an exemption was not already on the tax roll on May 1. Under current law, if an owner has not filed the principal residence (homestead) property tax exemption for a residence by May 1, then the property tax exemption does not apply until the following year. This only affects previously non-homestead property that is being converted to a principal residence, such as new construction, rental property or a vacation home. If a person buys a principle residence with an existing exemption, that existing exemption continues, whether the transaction occurs before or after May 1.
Referred to the Committee on Tax Policy
