House Bill 581 requires the Department of Audits and Accounts to conduct ten economic analyses including any income tax credit or sales and use tax exemption that is set to sunset or be repealed by law within two years of the year in which the economic analyses are conducted. The bill allows the department to contract with independent auditors to complete the analyses by November 15th of each year. 

SUBSTITUTE

HB 581 is now a substitute bill, consisting of the former SB 349 with a statewide floating homestead exemption which would restrict assessment increases on homesteaded property to 3 percent annually beginning on January 1, 2025 following a statewide referendum. This bill would only require TBOR advertisement and meetings if the millage rate adopted exceeds the previous year's millage rate, would address issues with the sales ratio study, and would revise requirements for the annual notice of assessment and the appeals process. 

HB 581 also allows for local governments to opt out of the homestead exemption through the adoption of a resolution by March 1, 2025 after conducting three public hearings and placing an advertisement in both the local newspaper and on the local government's website. 

HR 1022 is now the companion resolution providing for the constitutional amendment portion to HB 581.