TO AMEND THE HOMESTEAD EXEMPTION ACT; AND TO PROVIDE THAT A HOMESTEAD OWNED BY A LIMITED LIABILITY COMPANY IS ELIGIBLE FOR THE HOMESTEAD EXEMPTION IN CERTAIN CIRCUMSTANCES.

HB 1729 amends the state's Homestead Exemption Act. This bill allows a homestead owned by a Limited Liability Company (LLC) to qualify for the homestead exemption under specific conditions. The exemption can be claimed if the LLC has two members who are a married couple, or if it has only one member who is a natural person and is either married or the head of a family. This change affects property owners who hold their primary residence through an LLC, potentially allowing them to receive homestead tax benefits.