This bill amends the property tax exemption for single-family residential structures and the associated land based on the prior year's assessed value. Specifically, it modifies the exemption calculation by changing the percentage increase allowed from four percent (4%) to two percent (2%). This adjustment applies to both the assessed value of the residential structure and the improved land associated with it, ensuring that the exemption reflects a more modest increase in value from the previous year.

The effective date for this change is set for July 1, 2026, allowing property owners and local governments time to prepare for the new tax exemption parameters. Overall, the bill aims to provide a more controlled approach to property tax exemptions for single-family homes and their associated land, potentially easing the tax burden on homeowners.

Statutes affected:
Introduced: 39-11-105