Adjusts property tax rates, modifies homestead credits, and changes assessment procedures.

This bill modifies local government property taxes, financial authority, and budgets. It adjusts property tax rates for various classes of property, including residential, agricultural, commercial, and industrial. The bill also changes the homestead credit for disabled veterans, requiring a separate application form and limiting the credit to property on one-half acre. For elderly property owners, the bill increases the taxable value threshold for the homestead exemption from $50,000 to $6,500.

Adjusts property tax rates, modifies homestead credits, and changes assessment procedures.

This bill modifies local government property taxes, financial authority, and budgets. It adjusts property tax rates for various classes of property, including residential, agricultural, commercial, and industrial. The bill also changes the homestead credit for disabled veterans, requiring a separate application form and limiting the credit to property on one-half acre. For elderly property owners, the bill increases the taxable value threshold for the homestead exemption from $50,000 to $6,500.