HB0045-Property Tax Exemption-Residential Structures and Land
HB0045-Property Tax Exemption-Residential Structures and Land
Summary/Major Elements:
This bill creates a property tax exemption for residential structures. The exemption is equal to any increase in the assessed value of residential property of more than four percent (4%) over the value of the residential structure in the prior year, including any reduction in the prior year value that was a result of the exemption. This exemption would first apply in tax year 2024.
This bill also creates a property tax exemption for land associated with a residential structure. The exemption is equal to any increase in the assessed value of the property of more than four percent (4%) over the value of the land in the prior year, including any reduction in the prior year value that was a result of the exemption. This exemption would first apply in tax year 2025.
The bill includes definitions of "single family residential structure" and "improved land associated with a single family residential structure" and specifies instances when the exemptions would not apply.