Plain English Breakdown
The effective date is unknown because it depends on voter approval via referendum, which has not occurred yet based on the status of passing the legislature only.
HB1387: State Homestead Exemption Funded by Data Center Taxes
This bill creates a statewide property tax break for homeowners using money collected from taxes on data centers.
What This Bill Does
- Creates a state-wide homestead exemption to lower ad valorem property taxes for eligible homes.
- Sets the amount of this tax break based on revenue generated from taxing certain data centers.
- Defines specific terms and lists conditions that homeowners must meet to get the exemption.
- Outlines procedures related to how people apply for or receive the tax reduction.
Who It Names or Affects
- Homeowners who qualify for the state-wide homestead exemption.
- Data centers subject to specific ad valorem property taxes under this law.
Terms To Know
- Ad valorem tax
- A tax based on the value of a piece of real estate or personal property, such as land or buildings.
- Homestead exemption
- A reduction in the taxable value of a home that lowers the amount of property tax an owner must pay.
Limits and Unknowns
- The bill requires voter approval through a referendum before it takes effect.
- The exact dollar amount of the exemption depends on how much money is collected from data center taxes, which varies based on collection proceeds.
- The law includes provisions for automatic repeal and contingent repeal.