S.B. 335 Summary

• Adds new homestead tax relief program (Division C) reducing property taxes by the amount that current taxes exceed 103% of the prior year's taxes, effective tax year 2020 and later

• Applies only to residential properties with no more than three dwelling units where at least one is a homestead already receiving the 2.5% reduction, with a minimum tax bill of $500

• Excludes properties with improvements adding 200+ square feet or 10% of existing area, properties with ownership transfers, and properties with partial tax exemptions

• Applies relief calculations to manufactured and mobile homes taxed under real property tax provisions, alongside existing homestead exemptions for disabled, elderly, and disabled veteran homeowners

• Officially names the legislation the "Property Tax Relief and Local Government Support Act"