Home Tax Exemption

(a)The owner of a home shall pay a real property tax on the value of the improvements at a rate equal to the rate that would otherwise apply pursuant to § 24103 or § 24110, as applicable, times the ratio of

(i)the appraised value of the improvements minus Fifty Thousand Dollars ($50,000.00) (but not less than zero), divided by

(ii)the appraised value of the improvements; and shall pay a real property tax on the value of the land at a rate equal to the rate that would otherwise be applicable pursuant to § 24103 or § 24110 times the ratio of

(i)the appraised value of the land minus the excess, if any, of Fifty Thousand Dollars ($50,000.00) over the appraised value of the improvements (but not less than zero), divided by

(ii)the appraised value of the land.

(b)Those taxpayers who previously qualified for home tax exemptions shall automatically qualify for the rates contained herein.