Bill > HSB271

Introduced Session

A residential property sold by the United States department of housing and urban development (HUD) to an owner who is receiving the homestead tax credit on the residential property shall be partially exempt from taxation if the sale was to provide housing to individuals following a major disaster or disaster emergency and the residential property was located in the major disaster or disaster emergency area. The exemption is for a four-year period beginning with the first full H.F. _____ assessment year after the sale. This bill provides an 80 percent exemption on the actual value in the first assessment year, a 60 percent in the second year, a 40 percent in the third year, a 20 percent in the fourth year, and the exemption expires in the fifth year.

Committee Categories

No sponsors listed

Other Sponsors (1)

Subcommittee recommends passage. (on 03/12/2025)

Official Document