HB0045: Property tax exemption-residential structures and land.

Legislative Summary

AN ACT relating to taxation; establishing a property tax exemption for single family residential structures based on the prior year assessed value; establishing a property tax exemption for land associated with a single family residential structure based on the prior year assessed value; providing definitions; requiring information related to the tax exemption to be included on the tax assessment schedule and tax notice; providing rulemaking authority; specifying applicability; and providing for an effective date.