SB2798

SB2798 amends the Property Tax Code to adjust the maximum reduction for the general homestead exemption for taxable years 2025 through 2027.

SB2798 amends the Property Tax Code to set the maximum reduction for the general homestead exemption at $10,000 for taxable year 2026 and adjusts the maximum reduction for taxable years 2025 and 2027 based on county population. The bill also modifies the distribution of surplus funds in the special tax allocation fund, requiring them to be distributed as soon as possible after calculation rather than annually. The changes are effective immediately upon the bill becoming law.