PROP TX-HOMESTEAD EXEMPT

Amends the Property Tax Code. Creates a homestead exemption for taxable years 2006, 2007, and 2008, for homestead property that, after the 2005 taxable year, is no longer assessed as farmland. Sets forth the amount of the exemption at 75% of the assessment increase in the 2006 taxable year, 50% of the assessment increase in the 2007 taxable year, and 25% of the increase in the 2008 taxable year. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.