Establishes a 50% homeowner property tax exemption for primary residences up to $200,000, effective 2025, with a sunset in 2027.

This bill creates a new homeowner property tax exemption for primary residences, allowing a 50% exemption on the first $200,000 of the property's fair market value. The exemption applies to properties where the owner resides for at least eight months a year, with an exception for active-duty military members. The exemption is effective for the 2025 tax year and will sunset in 2027. The bill also appropriates $176 million from the general fund to compensate local governments for lost revenue due to the exemption, with the funds reverting to the general fund if unexpended by June 30, 2027.

Establishes a 50% homeowner property tax exemption for primary residences up to $200,000, effective 2025, with a sunset in 2027.

This bill creates a new homeowner property tax exemption for primary residences, allowing a 50% exemption on the first $200,000 of the property's fair market value. The exemption applies to properties where the owner resides for at least eight months a year, with an exception for active-duty military members. The exemption is effective for the 2025 tax year and will sunset in 2027. The bill also appropriates $176 million from the general fund to compensate local governments for lost revenue due to the exemption, with the funds reverting to the general fund if unexpended by June 30, 2027.