SUMMARY:

Proposed an amendment to the Constitution requiring the General Assembly to fund the Homeowner Tax Relief Grants to local governments.

REQUIREMENTS:

• General Assembly would be required to provide tax relief grants to homeowners in the amount of not less than $8,000 and not more than $18,000
• Grants must be based upon the assessed value of a taxpayer's homestead or the taxpayer's ad valorem property tax liability on the homestead, whichever is lower

POINTS TO CONSIDER:

• Makes the Homeowner's Tax Relief Grants mandatory
• In a time of economic upswing, local governments would continue to benefit from the Grants
• In a time of economic slowdown, other state funds may have to be tapped in order to fund the Grants

EFFECTIVE DATE:

Upon approval of the voters in a 2010 general election and passage of enabling legislation by the General Assembly.