Bill
HF 1013
Overview: HF 1013, A bill for an act establishing a partial exemption on property taxes for certain residential properties sold in disaster areas, was introduced on April 14, 2025
Overview: HF 1013, A bill for an act establishing a partial exemption on property taxes for certain residential properties sold in disaster areas, was introduced on April 14, 2025 and is currently at the explanation of vote stage.
Purpose and Intent: The primary goal of this bill is to provide property tax relief for homeowners who have sold their residential properties in areas that have been declared disaster areas. The intent is to help alleviate the financial burden on these homeowners and encourage the recovery and redevelopment of disaster-affected communities.
Key Provisions:
- Establishes a partial property tax exemption for residential properties sold in designated disaster areas
- The exemption would apply to the year the property is sold and the following two years
- The exemption amount would be based on the difference between the sale price and the property's assessed value
Affected Parties and Impacts:
- Homeowners who have sold their residential properties in disaster-affected areas
- Local governments and tax authorities, who may see a temporary reduction in property tax revenue
- Disaster recovery efforts, which may be supported by the tax relief provided to affected homeowners
Procedural and Timeline Considerations:
The bill is currently at the explanation of vote stage, indicating that it has been passed by the legislature and is awaiting the governor's signature or veto. If signed into law, the tax exemption provisions would take effect immediately and apply to eligible property sales in the designated disaster areas.
Compiled from official sources — confirm details with the bill’s official record.
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