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FOR IMMEDIATE RELEASE
June 18, 2008

Finance Committee Approves 100 Percent Tax Relief Bill

Sen. Browne calls for constitutional amendment on homestead exemption

The Senate Finance Committee today approved legislation that would allow for a 100-percent homestead exemption, according to Committee Chairman Senator Pat Browne (R-16).

Senate Bill 404 is a proposed constitutional amendment that would lift the current cap on the homestead exemption that may be granted by county and local taxing jurisdictions. Currently, homestead exemptions can be no more than 50 percent of the median assessed value of all residential properties.

“This bill is not a mandate, but rather is intended to provide flexibility to state, county and local taxing bodies by allowing them to provide homestead exemptions of up to 100 percent of each property’s assessed value,” said Senator Browne, the prime sponsor of the bill. “This gives taxing officials the opportunity to provide true and total relief to residential homeowners.”

Constitutional amendments must be approved during two consecutive sessions of the General Assembly and then approved during a statewide referendum of the voters.

Contact:

Stacey Connors
(717) 787-1349