SB 1045

Authorizes city or county to adopt property tax exemption in amount not to exceed $300,000 of assessed value of principal place of residence used by homeowner to rent space in residence through public or nonprofit home share program to individuals seeking such space.

Bill Text

• A-Engrossed
• Enrolled
• Introduced
• Senate Amendments to Introduced

Authorizes cities and counties to adopt property tax exemptions for homeowners who rent space in their residences through home share programs to low-income individuals, with a 500-home statewide cap and sunset in 2029.

Original Bill Text

Overview#

Authorizes city or county to adopt property tax exemption for portion] in amount not to exceed $300,000 of assessed value of principal place of residence used by homeowner to rent space in residence through public or nonprofit home share program to individuals seeking such space. Provides that exemption shall be granted as 100 percent exemption for five consecutive years unless city or county adopts other terms.] Provides that city or county] adopting jurisdiction must require means testing of home share seekers. Requires] home share rental agreement to offer space at rent affordable to home share seekers with income at or below level determined by city or county] 60 percent of area median income, must prohibit exemption for home share agreements among family members and must specify period for which exemption may be granted. Provides that exemption applies only to tax levy of city or county enacting exemption law and other taxing districts agreeing to grant exemption,] ordinance or resolution granting exemption may not take effect unless rates of taxation of adopting jurisdiction and taxing districts that agree to grant exemption equal 51 percent or more of total combined rate of taxation. Requires exemption to be granted to all residences on same terms in effect on date application is submitted.] Prohibits property receiving any other property tax benefit, other than homestead property tax deferral, from being granted home share exemption. Allows city or county] adopting jurisdiction to amend or terminate] exemption, subject to approval process of taxing districts described above, or repeal exemption, but provides that residences granted exemption continue to receive exemption under terms in effect at time exemption was first granted. Sets cap of 500 homes that may be granted exemption statewide in any property tax year. Sunsets authority of city or county to adopt exemption or deferral on June 30] that becomes effective after January 31, 2027. Repeals exemption program on January 2, 2029. Provides that residences granted exemption before repeal date continue to receive exemption under terms in effect at time granted] if term extends past repeal date. Takes effect on 91st day following adjournment sine die.

Legislative History