Bill > HB1503

This bill proposes to grant a homestead exemption from City of Covington ad valorem taxes for municipal purposes, meaning residents would be exempt from paying city property taxes on their homes for city services and debt repayment, up to the total assessed value of their homestead, which is defined as a primary residence according to state law. To receive this exemption, residents must apply with the city, and once approved, it will automatically renew each year as long as they continue to live in the home as their homestead, though they must notify the city if they become ineligible. This exemption would not affect state, county, or school district property taxes and would be in addition to any other existing homestead exemptions for city taxes. The exemption would take effect for tax years beginning on or after January 1, 2027, but only if approved by a two-thirds vote in both the state Senate and House of Representatives and subsequently by a majority of Covington voters in a referendum held in November 2026; if the referendum fails or the election isn't conducted properly, the bill will be automatically repealed.