HB0366 Summary

• Removes the requirement that rebuilt residential structures be limited to 110% of original square footage to qualify for natural disaster homestead exemption; allows larger rebuilds with proportionally reduced exemptions.

• Eliminates the requirement that taxpayers apply for the natural disaster homestead exemption no later than the first taxable year after reconstruction is completed.

• For residential structures exceeding 110% of original square footage, calculates exemption as the equalized assessed value per square foot multiplied by 110% of original square footage, minus the base amount.

• Extends farm improvement provisions to properties rebuilt after natural disasters occurring in taxable year 2018 or thereafter, with similar square footage limits and valuation rules.

• Makes changes retroactive to the 2012 taxable year and allows property owners previously denied exemptions to seek relief by certificate of error.