Bill > HB2298

This bill modifies the definition of "residential property" for property taxation purposes by including bed and breakfast inns where the owner resides and uses the property as their primary residence with six or fewer rooms for rent, and it clarifies that such inns are not considered "transient housing" which is property rented for short stays and subject to sales tax. The bill also allows taxing districts to adjust their property tax rates to compensate for any revenue loss resulting from changes in property classification, particularly for structures with five or more dwelling units, provided the adjustment does not exceed the highest tax rate in effect after 1980. Additionally, it outlines how property used for multiple purposes should be classified and specifies that farm dwellings and up to five acres surrounding them on agricultural land will be classified as residential property.