Assessment of Homestead Property

Summary

The bill would cap the assessed value of a homestead property that changes hands to a buyer eligible for the homestead exemption at 150% of its prior year’s value, but only if the home was assessed under $500,000 before the sale. It also lists several situations—like transfers between spouses or corrections of title—where the cap would not apply. The measure only takes effect if a related constitutional amendment is approved by voters.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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