Bill > S1510

This joint resolution proposes constitutional amendments to provide property tax benefits for certain residential properties subject to long-term leases. Specifically, the resolution would authorize the Legislature to grant two separate $25,000 tax exemptions to property owners who legally own a homestead property and also own a separate residential property leased for six months or more. The exemptions would apply to leased properties that could potentially qualify for homestead status if the owner lived there, and would be limited to one separate parcel. For tax levies other than school district levies, the resolution would provide an additional exemption for assessed property values between $50,000 and $75,000. The amendment also establishes an assessment limitation that would restrict annual increases in the property's assessed value to either 3% or the Consumer Price Index change, whichever is lower. These tax benefits would take effect on the 2027 tax roll and would require voter approval. The resolution aims to provide tax relief for property owners who maintain a leased residential property in addition to their primary homestead, offering financial advantages through targeted exemptions and assessment limitations.