Homeowner tax exemption.

SF 136 would create a 25% property tax exemption on the first $2 million of value for single-family homes, including houses, mobile homes, townhouses, and condos. It directly affects homeowners with properties valued under $2 million and requires counties to track revenue losses from the exemption. The state would reimburse counties and local governments (like school districts) for lost tax revenue using $125 million from the general fund, with a $100 million cap from the legislative stabilization reserve if needed. The exemption would expire on July 1, 2027, and apply first to 2025 tax bills.