Bill Summary

by Grimsley Co Sponsors: Passidomo

Homestead Exemption Implementation; Requiring the Legislature to appropriate moneys, beginning in a specified fiscal year, to offset reductions in ad valorem tax revenue experienced by rural communities within a rural area of opportunity which result from a specified additional exemption; requiring each rural community to apply to the Department of Revenue each year to participate in the distribution of the appropriation and provide documentation supporting the region’s estimated reduction in ad valorem tax revenue, etc. Effective Date: On the effective date of the amendment to the State Constitution proposed by HJR 7105 (2017), if such amendment to the State Constitution is approved at the general election held in November 2018, and shall apply to the 2019 tax roll

» S Community Affairs
   S Appropriations Subcommittee on Finance and Tax
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