Property tax-homestead exemption.

Plain English: The amendment adds a condition to qualify for a homestead exemption on primary residences based on income level.

• Adds an income requirement that the owner's total gross household income must be no more than three hundred percent of the state median gross household income.

• The amendment does not specify what happens if a homeowner exceeds this income threshold in future years.
• It is unclear how the state will determine and verify the median gross household income for all residents.

Plain English: The amendment adds a new rule that stops homeowners from getting extra property tax breaks if they already have one for their main home.

• Adds a provision stating that an owner receiving a homestead exemption cannot get any additional property tax exemptions in the same year.

• The amendment does not specify what happens to existing exemptions or how it affects other types of tax breaks unrelated to primary residences.

Plain English: The amendment changes how homestead exemptions for primary residences are defined to include properties owned by corporations, partnerships, or LLCs if the property is occupied by a shareholder or owner of those entities.

• Adds a new definition allowing individuals who own shares in a corporation, partnership, or limited liability company (LLC) and occupy a property owned by that entity to qualify for homestead exemptions.
• Reorders existing definitions by changing the numbering from '(5)' to '(4)' after incorporating the new definition.

• The amendment does not specify any additional details about how this change will be implemented or enforced beyond the renumbering of subsequent sections.

Plain English: The amendment changes the homestead exemption for primary residences by setting a specific dollar amount that is exempt from property tax and removes previous language.

• Sets the homestead exemption at $100,000 of fair market value.
• Removes existing text related to the homestead exemption.

• The exact details removed by deleting lines are not specified in the amendment text.

Plain English: The amendment changes the definition of homestead exemption from primary residence to single family residential structure and adjusts several dates and values in the original bill.

• Changes 'primary residence' to 'single family residential structure' throughout the bill.
• Adjusts the sunset date from 2027 to 2025.
• Sets the homestead exemption value at $30,000 of fair market value starting in January 2024.

• The amendment text does not provide a clear explanation for all changes made, such as why certain sections are deleted without replacement.
• Some technical details about the deletion and insertion of specific lines may be unclear to readers.

Plain English: The amendment adds a provision to HB0052, stating that an owner receiving a homestead exemption cannot claim additional property tax exemptions for the same residential property in the same tax year, except for certain specific cases.

• Adds language requiring homeowners who receive a homestead exemption to not be eligible for any other property tax exemptions on the same property during the same tax year.

• The amendment does not specify all possible exceptions or scenarios where additional exemptions might still apply, which could lead to confusion.
• It is unclear how this change will interact with existing state and local laws regarding property tax exemptions.

Plain English: The amendment changes the definition of 'primary residence' to 'single family residential structure', adjusts the exemption amount and timing, and removes certain sections related to penalties and definitions.

• Changes the term 'primary residence' to 'single family residential structure'.
• Adjusts the sunset date from 2027 to 2025.
• Modifies the homestead exemption value to $40,000 of fair market value starting in 2024.

• The amendment removes several sections without providing clear replacements or explanations for those changes.

Plain English: The amendment changes the definition and application date of homestead exemptions for single family residential structures in property tax laws.

• Changes 'primary residence' to 'single family residential structure'.
• Moves the effective date from January 1, 2027, to January 1, 2024.
• Specifies that $60,000 of fair market value is exempt as a homestead exemption.

• The amendment removes several lines and sections without providing clear context for their content or purpose.

Plain English: The amendment changes the definition and application date of homestead exemptions for single family residential structures in property tax laws.

• Changes 'primary residence' to 'single family residential structure'.
• Moves the effective date from January 1, 2027, to January 1, 2024.
• Specifies that $70,000 of fair market value is exempt as a homestead exemption.

• The amendment removes several previous amendments and sections without providing their content, which limits full understanding of the context.

Plain English: The amendment removes previous amendments and changes the definition of homestead exemption from primary residence to single family residential structure, with a new effective date in 2024.

• Changes 'primary residence' to 'single family residential structure'.
• Sets the sunset date for the exemption to 2024 instead of 2027.
• Specifies that 25% of fair market value is exempt as a homestead exemption.

• The amendment text does not provide details on how the changes will affect current property tax exemptions or the full extent of the new definitions and their implications.

Plain English: The amendment changes the definition and application date of homestead exemptions for single family residential structures in property tax laws.

• Changes 'primary residence' to 'single family residential structure'.
• Updates the sunset date from 2027 to 2024.
• Specifies that $100,000 of fair market value is exempt as a homestead exemption for single family residential structures.
• Adds an effective date clause stating the new act applies starting January 1, 2024.

• The amendment removes several previous amendments and sections without providing context on their content or implications.

Plain English: The amendment increases several monetary thresholds related to homestead exemptions for primary residences and makes other minor changes to the bill.

• Increases the initial exemption amount from $50,000 to $100,000.
• Raises another threshold from $150,000 to $200,000.
• Changes a requirement related to time of ownership from 'a majority' to 'at least eight months'.
• Adds language specifying that the property and associated residential land must be owned by the person living in the dwelling.

• The amendment text does not provide full context for all changes, so some details might need further explanation from the bill itself.

Plain English: The amendment changes the amount of money appropriated for a homestead exemption from $88,400,000 to $123,400,000.

• Changes the appropriation amount from eighty-eight million dollars to one hundred twenty-three million four hundred thousand dollars.