Change the Homestead Exemption

Summary

The bill raises the homestead property‑tax exemption from a flat $20,000 to half of a home’s assessed value for owners who are 65 or older or permanently disabled, provided they meet residency requirements. For homes assessed under $40,000, the exemption stays at the first $20,000 of value. The change is intended to give greater tax relief to qualifying older and disabled residents.

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