HB3390 Summary

• Beginning with the 2024 tax year (collected in 2025), total property tax bills for homestead properties receiving the General Homestead Exemption cannot exceed 103% of the previous year's tax bill, unless increases result from property improvements.

• The chief county assessment officer must establish rules and policies to reallocate lost property tax revenue from this 103% cap to other properties in the taxing district on a pro rata basis.

• Exempts tax increases attributable to improvements made to the homestead property from the 103% cap limitation.