HB4924 Summary

• Creates the Natural Disaster Home Repair Assistance Homestead Exemption for homestead properties that sustain damage from natural disasters occurring in assessment year 2017 or later.

• Provides a property tax exemption equal to the homeowner's repair costs, capped at $5,000 per year, for repairs made within 3 years of the natural disaster.

• Requires homeowners to demonstrate that repairs are directly caused by the natural disaster and do not constitute homestead improvements to the original structure.

• Exemption application must be submitted to the county assessor by July 1 of each taxable year, with counties allowed to establish alternative deadlines by resolution.

• Property cannot claim this exemption simultaneously with other natural disaster exemptions (Section 15-173 or 15-180) for the same event, but remains eligible for separate exemptions for subsequent disasters.