Homestead Exemption Implementation (Support)

Homestead Exemption Implementation (Support)

HB 593 (Porter) and SB 772 (Grimsley) require the Legislature to appropriate monies beginning FY 2019-2020 if Amendment 1 is approved by voters, to offset reductions in ad valorem tax revenue experienced by local governments within a Rural Area of Opportunity that result from the additional homestead exemption required by Amendment 1. Qualifying local governments must apply annually to the Department of Revenue to participate in the distribution of the appropriation and provide documentation supporting their estimated reduction in ad valorem tax revenue. (Hughes)