Residential property tax relief.
Residential property tax relief. Provides an assessed value stabilization deduction for homestead property after applying the standard homestead and supplemental homestead deductions taking into account the year over year change in the homestead's assessed value compared to the year over year change in the Consumer Price Index.
This bill, HB1449, aims to provide relief for homeowners by reducing their residential property tax burden. It does so by allowing a deduction for the assessed value of homestead property, taking into account changes in the property's assessed value and the Consumer Price Index over the previous year. This means that homeowners might see a reduction in their property taxes based on how much their property's value has increased relative to inflation.
The bill would directly affect homeowners by potentially lowering their property tax payments. This change could be particularly beneficial for those who have seen significant increases in their property's assessed value, as it provides a mechanism to offset this increase with the corresponding rise in the Consumer Price Index.
HB1449 was introduced on January 21, 2025, by Representative Harold Slager, a Republican. Following its introduction, the bill was referred to the House Committee on Ways and Means for further consideration. As of the latest update, it is still in its initial stages of review.