Ad valorem tax; revise certain homestead exemption eligibility provisions, revise distribution of portion paid on certain homestead property.

Summary

The bill allows homeowners who qualify for a homestead exemption but have not complied with state income‑tax laws to remain eligible for the exemption. The exemption amount will not be deducted from their property tax bill; instead the tax collector must send that amount to the Department of Revenue to be applied against the taxpayer’s or spouse’s income‑tax liability. It also defines “tax loss,” sets reimbursement rates for local taxing units, and becomes effective July 1 2026.

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