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DIGEST OF HB 1002 (Updated January 7, 2004 8:50 pm - DI 92)
Standard homestead deduction. Applies the provisions related to the assessment of rental property for assessment dates after February 29, 2004 and property taxes first due and payable in 2005 and thereafter. Increases the maximum homestead standard deduction amount for two years. Increases the minimum standard homestead deduction from 50% of the assessed value of the homestead to 55% of the assessed value of the homestead.