Modifies state and local government taxes, fees, financial authority, and budgets.

This bill modifies provisions related to state and local government taxes, fees, financial authority, and budgets. It adjusts the assessment percentages for residential, commercial, and industrial property, modifies the calculation of property tax replacement payments, and changes the levy rates for various taxes. The bill also establishes a homestead exemption for veterans and increases the exemption amount over time. Additionally, it modifies the assessment of multiresidential property and the calculation of property tax adjustment aid.

Modifies state and local government taxes, fees, financial authority, and budgets.

This bill modifies provisions related to state and local government taxes, fees, financial authority, and budgets. It adjusts the assessment percentages for residential, commercial, and industrial property, modifies the calculation of property tax replacement payments, and changes the levy rates for various taxes. The bill also establishes a homestead exemption for veterans and increases the exemption amount over time. Additionally, it modifies the assessment of multiresidential property and the calculation of property tax adjustment aid.