SB 2731

Abstract

Amends the Property Tax Code. Creates a homestead exemption for homestead property that is the subject of a charitable transfer from Habitat for Humanity to a partner family. Provides that the amount of the exemption is the equalized assessed value of the property less 33 1/3% of the actual costs incurred for the construction of the residence, and for each taxable year thereafter, the amount of the exemption is the amount of the exemption for the previous taxable year less 30% of that previous exemption. Effective immediately.