Increases homestead exemption, revises public safety funding, and creates a trust fund.

This bill proposes amendments to the State Constitution, effective January 1, 2027, increasing the homestead exemption for certain nonschool ad valorem taxes. It also revises public safety funding to local governments to meet fiscal requirements, including maintaining current funding levels adjusted for inflation through 2031 and creating a trust fund to replace lost revenue. The bill includes provisions for tax relief for veterans and first responders, and it specifies the conditions and limitations for these exemptions.

Increases homestead exemption, revises public safety funding, and creates a trust fund.

This bill proposes amendments to the State Constitution, effective January 1, 2027, increasing the homestead exemption for certain nonschool ad valorem taxes. It also revises public safety funding to local governments to meet fiscal requirements, including maintaining current funding levels adjusted for inflation through 2031 and creating a trust fund to replace lost revenue. The bill includes provisions for tax relief for veterans and first responders, and it specifies the conditions and limitations for these exemptions.