Staff Analysis of the Legislation
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This legislation creates a new, statewide adjusted base year assessed value homestead exemption subject to referendum approval at the 2016 general election. If approved, the exemption will apply to county, school district, and municipal taxes. The homestead exemption will increase to offset any valuation increases above three percent or CPI, whichever is less. This new exemption can be stacked with all other applicable local exemptions that are in place so that the taxpayer gets the benefit of all the exemptions. |
