HB0430 Summary

• Sets the maximum General Homestead Exemption reduction at $7,000 in all counties starting in taxable year 2017, replacing the previous two-tier system that varied by county population.

• Implements automatic annual indexing of the maximum exemption reduction to the Consumer Price Index for All Urban Consumers beginning in taxable year 2017, with adjustments based on the prior calendar year's inflation rate.

• Removes the previous distinction between counties with 3,000,000+ inhabitants ($7,000 cap) and smaller counties ($6,000 cap), establishing a uniform $7,000 maximum across all counties.

• Becomes effective immediately upon passage.