S.B. No. 329 Summary

• Authorizes municipal corporations and township boards of trustees to designate "neighborhood development areas" to encourage affordable housing, workforce housing, or address housing shortages by exempting residential property from taxation.

• Allows exemptions of up to 75% of assessed valuation for residential property (or higher with school district agreement) for up to 10 years, renewable for additional 10-year periods.

• Requires legislative authorities to conduct public hearings on three separate days and notify school districts and taxing authorities at least seven days before the first meeting.

• Provides exemptions for newly constructed residential structures from the tax year property appears on tax list until first occupancy, and for owner-occupied homes for nine tax years following first occupancy.

• Limits neighborhood development areas to no more than 300 acres, with maximum of three designated areas per subdivision, and prohibits inclusion of parcels already subject to other tax exemptions.