Homestead Exemption; increase for certain lineal descendants of previous owners of homestead property.

Summary

The bill would let homeowners who are direct descendants of owners who have claimed a homestead exemption for at least 15 years receive an additional exemption from ad valorem taxes on any rise in the property’s assessed value after a new valuation. The exemption amount would follow a sliding scale based on the home’s assessed value, with half applied to school taxes and half to county funds. It is intended to protect multigenerational families from higher taxes caused by reassessments.

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