Bill > S1374

This Joint Resolution proposes an amendment to the State Constitution to allow newly established homestead property, meaning a primary residence, to be assessed for property taxes at a value lower than its full market value, or "just value," under specific circumstances. This provision applies if the property was previously assessed as nonhomestead property (meaning it wasn't someone's primary residence) and has not changed ownership since it was last assessed as nonhomestead. The resolution also specifies that the increase in the assessed value for such new homestead property will be capped at no more than 10% of its assessed value from the previous year. This change is intended to provide some tax relief to individuals who are establishing a new homestead on property that was previously taxed at a higher rate as nonhomestead property, and it is set to take effect on January 1, 2025.