Enacts the "homebuyer renovation property tax exemption act" to exempt up to $15,000 from property taxes for five years for renovated homes.

The bill enacts the "homebuyer renovation property tax exemption act" to provide a tax exemption for renovated homes. It exempts up to $15,000 from property taxes for five years for residential properties that undergo renovations. The exemption applies to the increase in assessed value due to reconstruction, alteration, or improvements. The exemption requires an application and is subject to conditions, such as the property not being leased and the property remaining owner-occupied. The commissioner of taxation and finance will implement the provisions of this act.

Enacts the "homebuyer renovation property tax exemption act" to exempt up to $15,000 from property taxes for five years for renovated homes.

The bill enacts the "homebuyer renovation property tax exemption act" to provide a tax exemption for renovated homes. It exempts up to $15,000 from property taxes for five years for residential properties that undergo renovations. The exemption applies to the increase in assessed value due to reconstruction, alteration, or improvements. The exemption requires an application and is subject to conditions, such as the property not being leased and the property remaining owner-occupied. The commissioner of taxation and finance will implement the provisions of this act.