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Senate finance language proposes homestead exemption to replace statewide property tax credit
Summary
H.454 as amended by Senate Finance would repeal the statewide Property Tax Credit and replace it with a graduated homestead exemption tied to household income and a housesite cap (e.g., $425,000/$400,000 tiers); committee staff presented modeling of estimated bill impacts by income and house-site value.
H.454 includes language, new from Senate Finance, to repeal the statewide Property Tax Credit (PTC) and replace it with a homestead property tax exemption keyed to household income and a housesite value cap.
Under the Senate Finance configuration shown to the committee, an eligible claimant with household income at or below $100,000 would receive a percentage exemption applied to the first portion of housesite value — in many income bands the exemption would apply to the first $425,000 of housesite value for lower income bands and $400,000…
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