Partial property tax exemption for residential properties sold in disaster areas.

This bill establishes a partial exemption on property taxes for certain residential properties sold in disaster areas. The exemption applies to properties sold by the United States Department of Housing and Urban Development to owners receiving the homestead tax credit. The exemption lasts for four years, with the percentage decreasing each year: 80% in the first year, 60% in the second, 40% in the third, and 20% in the fourth. The exemption applies if the property is located in a major disaster area declared by the president or a disaster emergency area declared by the governor.

Partial property tax exemption for residential properties sold in disaster areas.

This bill establishes a partial exemption on property taxes for certain residential properties sold in disaster areas. The exemption applies to properties sold by the United States Department of Housing and Urban Development to owners receiving the homestead tax credit. The exemption lasts for four years, with the percentage decreasing each year: 80% in the first year, 60% in the second, 40% in the third, and 20% in the fourth. The exemption applies if the property is located in a major disaster area declared by the president or a disaster emergency area declared by the governor.