Annual Adjustments to Homestead Exemption Bill Up on Senate Floor March 6

Support Amendment

CS/HJR 7017 relating to the indexing of the homestead exemption will be heard on the Senate floor on Wednesday, March 6.

The bill:

• Reduces taxable valuations on homesteaded properties by increasing the exemption tied to the Consumer Price Index (CPI).
• Is a tax shift away from homestead property owners to businesses and renters, not a tax cut.
• Will have disproportionate impacts, particularly with small, hometown cities that have little to no commercial properties because their tax base is predominately homestead.
• Creates uncertainty year to year for local governments and residents alike by tying exemption to the CPI.

Senator Jason Pizzo has filed amendment barcode 886948. This amendment would make the CPI adjustment to homestead exemption values every five years and cap the increase at 3%. Please communicate to your legislators and your contract lobbyists to urge Senators to SUPPORT amendment barcode 886948. 

Click here for Senate contact information.

Please contact Charles Chapman with any questions.