Increases homestead exemption and provides additional state aid to school districts.

This bill increases the exemption of residence homesteads from ad valorem taxation by a school district. It also provides additional state aid to school districts to offset losses in local revenue. The provisions are contingent on the approval of a constitutional amendment by voters. If the amendment is approved, the tax bill is considered final for the 2025 tax year. If not, a supplemental tax bill is required. The bill includes transitional provisions for the 2025-2026 school year, including adjustments to tax rates and additional state aid calculations.

Increases homestead exemption and provides additional state aid to school districts.

This bill increases the exemption of residence homesteads from ad valorem taxation by a school district. It also provides additional state aid to school districts to offset losses in local revenue. The provisions are contingent on the approval of a constitutional amendment by voters. If the amendment is approved, the tax bill is considered final for the 2025 tax year. If not, a supplemental tax bill is required. The bill includes transitional provisions for the 2025-2026 school year, including adjustments to tax rates and additional state aid calculations.