Property Tax Modifications.

Summary

The bill raises the income limit for married couples applying for the elderly or disabled homestead exemption to 115% of the existing limit. It also rewrites the homestead circuit‑breaker program, adding a new eligibility test based on 70% of the county’s area‑median income and setting new tax‑relief percentages. In addition, the measure earmarks money for county reappraisals and creates an excise tax on transfers of controlling interests in real‑property entities.

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