This bill caps the annual assessed value increase for owner-occupied single-family homes and non-agricultural property at 3 percent per year, even if the property's actual market value rises more than that. However, properties are reassessed at full market value when they're sold, change use, or have major additions or expansions (over 40 percent increases in value). This protects homeowners from sharp tax increases due to rising property values, while still ensuring accurate assessments when circumstances significantly change.
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Taxation Tabled Passed, YEAS 13, NAYS 0.
Taxation Scheduled for hearing
First read in House and referred to House Taxation H.J. 15
Prime sponsor · Rep
R
Dist. HD-018
Tabled
Tabled