This bill allows municipalities to adopt or modify a homestead property tax exemption. The exemption would be granted to individuals who own residential property as their principal residence. The amount of the exemption would be determined annually by the municipality and would not exceed 35% of the average assessed residential property value in the municipality. The exemption would be in addition to any other exemption or credit for which the individual is eligible, but the taxable valuation of the property cannot be reduced below zero dollars. The bill also outlines the ownership requirements for the exemption and provides procedures for application, investigation of applications, and appeals.

The bill also makes references to the new homestead exemption in existing laws related to property tax credits, definitions, application procedures, and appeals. The bill would take effect on April 1, 2025.

Statutes affected:
Introduced: 72:29, 72:34-a