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Relating to the period for which a property owner may receive a
residence homestead exemption from ad valorem taxation for property
that is rendered uninhabitable or unusable as a result of a
disaster.
Passage of the bill would extend the period a property owner may receive a residence
homestead exemption when a residence is under repair following a disaster that rendered the
residence uninhabitable. As a result, taxable property values could be reduced and the
related costs to the Foundation School Fund could be increased through the operation of the
school finance formulas.
SB 443 would extend the homestead exemption on a homestead rendered unlivable or usable due to disaster to five years, rather than the current two years, as long as the owner starts construction on a new homestead on the same property and does not list another homestead as their primary place of residence.
This bill supports limited government and property rights by helping to ensure that a homeowner whose home has been rendered uninhabitable by a natural disaster has adequate time to repair or rebuild the home before the exemption expires causing the homeowner's taxes increase. We support SB 443.
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