News Resolution to participate in HB 581: statewide floating homestead tax exemption. March 13, 2025

RESOLUTION TO PARTICIPATE IN HB 581

Chattco

March 13, 2025

On March 11, 2025 the ChattCo BOE voted to participate in HB 581: Statewide Floating Homestead Tax Exemption. The Resolution and a FAQ sheet are located on our website for your review.

RESOLUTION TO PARTICIPATE IN HB 581: STATEWIDE FLOATING HOMESTEAD TAX EXEMPTION

  • Applies to taxable years beginning in 2025

  • Exemption allows assessment on homesteaded properties to only rise annually at the rate of inflation

  • Property value resets with a sale or adjusts with "substantial property change"

  • This exemption will be in addition to other homestead exemptions, except other base year value exemptions (freezes or floats). In that case, the taxpayer will receive the exemption that is more beneficial

REVIEW DOCUMENTS HERE:

HB: 581

HB: 581 Frequently Asked Questions