Bill > HB3390

This bill amends the Property Tax Code to provide that, beginning with the 2024 tax year (to be collected in 2025), the total tax bill for property receiving the General Homestead Exemption may not exceed 103% of the total property tax bill for the property for the immediately preceding taxable year, unless the increase in the property tax liability is attributable to improvements to the property. The bill also contains provisions concerning the reallocation of property tax liability by the chief county assessment officer to other property in the taxing district on a pro rata basis to account for the revenue lost due to the application of this cap.