Changes to Existing Law
HB1229 — Provide an exemption from certain property taxation for owner-occupied single-family dwellings, and to limit the taxes due on property over the previous year.
2 sections modified+137-0
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§ 10-13
New Section+107
NEW SECTION added to Chapter 10-13
Unless otherwise provided in section 3 of this Act, an owner of real property is entitled to receive a tax credit on all property taxes imposed on the real property, if the total taxes imposed by all taxing districts on the real property in a year, excluding any tax resulting from a local decision to exceed the limits set forth in § 10-12-43 or 10-13-36, exceed one hundred and three percent of the total taxes imposed by all taxing districts on the real property in the previous year, excluding any tax resulting from a local decision to exceed the limits set forth in § 10-12-43 or 10-13-36.
§ 10-4
New Section+30
NEW SECTION added to Chapter 10-4
One hundred thousand dollars of the full and true value of each owner-occupied single-family dwelling, as defined by § 10-13-39, is exempt from property taxation levied pursuant to § 10-12-29.