Bill > H7299

This bill allows every municipality in the state to offer a homestead tax exemption, which is a reduction in property taxes for homeowners, of up to 20% of the property's assessed value on residential properties, meaning the value determined by the local government for tax purposes. The bill also clarifies that municipalities that already provide greater exemptions than this 20% limit will not be restricted by this new law, ensuring their existing policies remain in place. This change is intended to provide financial relief to homeowners and is effective immediately upon being passed into law.

Housing and Urban Affairs

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