House Bill 1177 allows for a statewide homestead exemption that local governments may choose to opt in to via a local ordinance and subsequent special election without action from the General Assembly. HB 1177 provides a homestead exemption that is equal to the amount by which the current year assessed value exceeds the base year assessed value. The bill also allows for the Commissioner of the Department of Revenue to determine the annual inflationary rate.

HR 1021 is the companion resolution providing for the constitutional amendment portion to HB 1177.