HB 503 Summary

• Reduces the timeframe for transferring homestead assessment benefits from a prior homestead to a new homestead from 3 years to 2 immediately preceding years

• Allows persons who previously received a homestead exemption to transfer the accrued assessment reduction (up to $500,000) to a new homestead when establishing a new primary residence

• Establishes procedures for husband and wife to designate ownership shares when abandoning jointly titled property, with the form filed to the county property appraiser being irrevocable

• Requires property appraisers in different counties to coordinate information sharing and assessment calculations when homesteads are located in multiple counties

• Applies beginning with the 2019 tax roll and becomes effective upon approval of HJR 501 (constitutional amendment) at the November 2018 general election