House Bill 1185 allows for a statewide homestead exemption that local governments may choose to opt into via a local ordinance or resolution and a subsequent special election. If the local government wishes to repeal the opt in homestead exemption at a later date, is may do so via another local ordinance and subsequent special election. HB 1185 allows for an inflationary increase in the base year-assessed value of the property. The bill also allows for the Commissioner of the Department of Revenue to determine the annual inflationary rate. The opt in floating homestead exemption in HB 1185 would not affect any current homestead exemptions already in place before January 1, 2025.

HR 1022 is the companion resolution providing for the constitutional amendment portion to HB 1185.

SUBSTITUTE

HB 1185 is now a substitute bill containing the former SB 349. Please see the legislative tracker for a description of SB 349.