Long-term homeowner tax exemption-revisions.
What changed between versions
The deadline to apply for the property tax exemption was changed from the fourth Monday in May to March 1.
A new automatic renewal mechanism was added, allowing qualified claimants to maintain their exemption by contacting the assessor's office by March 1 rather than submitting new forms.
A monetary cap was established, limiting the exemption to the first $3 million of the property's fair market value.
The definition of 'primary residence' was clarified to require the owner to actually reside in the property for at least eight months of the year.
A new provision was added stating that if a voter-approved homeowner tax exemption initiative is enacted, owners cannot claim both the initiative exemption and this long-term homeowner exemption.
The bill text was updated to reflect its final enrolled status as Act No. 23 of the 68th Legislature.