SB 467 – Temporary exemption for fire loss

SB 467 helps homeowners who lose their home to fire by temporarily reducing their property taxes for the remainder of the year. Instead of being taxed on the full value of a destroyed home, the tax bill will be reduced to reflect the time it no longer exists. This avoids unfairly taxing families on property they can no longer use or live in. The bill requires a simple application process and ensures timely reassessment and refunds if overpayment occurred. By setting a clear deadline and relying on local and insurance-based information, it prevents delays or abuse. This respects property rights, and is a targeted reform that provides relief without increasing government costs.