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ATTORNEY AT LAW
February 18, 1977
To: Buddy Blain
Re: House Bill 386; Homestead property tax
This bill allows a person to defer the ad valorem
taxes due on his household which exceed 5% of
the household's income for the previous year.
It also allows the taxes to be deferred each
year until 80% of the value of the home has been
deferred. It requires payment of the full
amount of deferred taxes when the property change
hands, and it further protects the taxing agency
by specifying that the deferred taxes constitute
a lien on the homestead. Would this option
cause too much trouble with SWF's accounting
system if many land holders in our district
opted for this alternative? You have not pre-
viously marked this bill as one of interest.