Increase statutory property tax exemption amounts for improvements to single dwelling units under "Five-Year Exemption and Abatement Law."
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to increase the amount of property tax exemptions available to homeowners who make improvements to their single-family homes. It specifically expands upon the existing ‘Five-Year Exemption and Abatement Law,’ which currently offers property tax relief for certain improvements. The bill increases the exemption amounts for eligible improvements, providing greater financial assistance to homeowners undertaking renovations or upgrades to their properties. This change is intended to encourage home improvement and stimulate local economies.
Key provisions
- Increases exemption amounts for improvements to single-dwelling units.
- Expands the ‘Five-Year Exemption and Abatement Law’.
- Provides property tax relief for eligible home improvements.
- Applies to improvements made to single-family residential properties.
Who is affected
- Homeowners
- Property owners
- Real estate market
- Local governments (tax revenue)
Notable changes
- Increases existing property tax exemption levels.
- Broadens the scope of the ‘Five-Year Exemption and Abatement Law’.
Fiscal impact
The bill could potentially reduce property tax revenues for local governments, depending on the extent of improvements undertaken by homeowners and the value of the exemptions granted.
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours