Tax Exemption for Portions of Homestead Property Used as Living Quarters for Parents and Grandparents

Tax Exemption for Portions of Homestead Property Used as Living Quarters for Parents and Grandparents; Allows counties to provide assessment reduction for portions of homestead property used as living quarters for property owner’s parent or grandparent who is 62 years of age or older & removes current provisions limiting reduction to increases in assessments resulting from construction or reconstruction of such living quarters & limiting amount of such reduction.