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Summary: HB 3348 would give local governments authority to adopt a “local option homestead exemption” expressed as a dollar-amount instead of a percentage-based exemption. The minimum amount of exemption in either scenario would be $5,000.
Analysis: This is enabling legislation for HJR 138, which we support. HB 3348 gives local governments flexibility to choose between two different forms of a property tax exemption, a percentage based tax and a flat dollar tax, based on which one makes most sense for their governing unit. Either form of exemption would limit government and promote property rights. Support HB 3348
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