Bill > HF3535

This bill establishes a new ten-year homestead property tax exemption for properties classified as class 1a or 1b, which generally refer to homestead properties, starting with the 2027 assessment year. To qualify, the property must have been owned and occupied as a homestead by the same owner for at least ten continuous years before an initial application is filed, and there must be no unpaid and delinquent property taxes or special assessments, including penalties and interest, at the time of application. Taxpayers must apply to their county assessor, providing information such as their name, address, Social Security or taxpayer identification number, a copy of their current property tax statement, and the initial year of ownership and occupancy as a homestead. The assessor will verify eligibility, and the exemption will be removed if the owner sells, transfers, or no longer occupies the property as their homestead, requiring the owner to notify the assessor within 30 days of any such change.