Bill
LC 1715
Overview: Bill Number: LC 1715, Title: Provide property tax rebate on principal residence based on taxes paid, Status: (LC) Draft Ready for Delivery, Introduced: November 20, 2024,
Overview: Bill Number: LC 1715, Title: Provide property tax rebate on principal residence based on taxes paid, Status: (LC) Draft Ready for Delivery, Introduced: November 20, 2024, Classification: bill, Subject: Appropriations (see also: State Finance), REVENUE, State, Taxation (Generally), Taxation--Property
Purpose and Intent: The purpose of this bill is to provide a property tax rebate to homeowners on their principal residence based on the amount of property taxes paid. The goal is to offer financial relief to taxpayers and make homeownership more affordable.
Key Provisions:
- Establishes a property tax rebate program for homeowners on their primary residence
- Provides a rebate of up to 20% of the total property taxes paid, with a maximum rebate amount of $1,000 per household
- Eligibility is based on the homeowner's total household income, with a phaseout for higher-income households
- Requires homeowners to apply for the rebate and provide proof of property tax payments
- Appropriates funds from the state budget to cover the cost of the rebate program
Affected Parties and Impacts: This bill would directly benefit homeowners who occupy their primary residence, particularly those with lower to moderate incomes. It aims to ease the financial burden of property taxes and make homeownership more accessible. The rebate program would be funded through state appropriations, potentially impacting the state's budget and revenue.
Procedural and Timeline Considerations: The bill is currently in the draft stage and ready for delivery to the legislature. If introduced and passed, the property tax rebate program would likely be implemented in the next fiscal year, providing relief to eligible homeowners.
Compiled from official sources — confirm details with the bill’s official record.
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