Expands the tax exemption for first-time homebuyers to include all primary residential properties, not just newly constructed ones.

This bill amends the real property tax law to expand the tax exemption for first-time homebuyers. It removes the requirement that the residential property must be newly constructed. The exemption applies to all primary residential properties purchased by eligible first-time homebuyers. The exemption is granted upon application and approval by the local assessor. The exemption lasts for up to five years and is subject to certain conditions, such as the property not being leased and the income of the buyer not exceeding specified limits.

Expands the tax exemption for first-time homebuyers to include all primary residential properties, not just newly constructed ones.

This bill amends the real property tax law to expand the tax exemption for first-time homebuyers. It removes the requirement that the residential property must be newly constructed. The exemption applies to all primary residential properties purchased by eligible first-time homebuyers. The exemption is granted upon application and approval by the local assessor. The exemption lasts for up to five years and is subject to certain conditions, such as the property not being leased and the income of the buyer not exceeding specified limits.