House Bill 562 Summary

• Exempts the first $100,000 of market value or 50% of market value (whichever is less) of a homestead from property taxation for owner-occupied primary residences.

• Removes the April 15 deadline requirement for homeowners to initially apply for the homestead exemption, allowing applications after that date if the homestead becomes owner-occupied before April 15.

• Permits owners to apply only once for the exemption if they received it in the previous year and continue to occupy the same homestead as their primary dwelling.

• Adds provisions allowing homesteads to retain exemption status when owners are absent due to active military service or when the owner dies, with reapplication required by new owners after the exemption period ends.

• Establishes a seven-year recovery period for improperly claimed exemptions, with procedures for assessment, collection, appeal rights, and lien attachment on real property.

• Effective date: January 1, 2021.