This bill caps how much the assessed value of owner-occupied single-family homes can increase each year—limited to the inflation index factor rather than potentially rising to full market value. When a home is sold, it gets reassessed at the new sale price as a starting point, but annual increases after that are capped at the inflation rate. The bill also requires that this tax break for homeowners not shift the tax burden onto owners of agricultural or other non-residential properties.
AI-generated summary
Taxation Deferred to the 41st legislative day Passed, YEAS 9, NAYS 3.
Taxation Scheduled for hearing
House of Representatives Referred to House Taxation H.J. 237
First Reading House H.J. 220
Prime sponsor · Rep
R
Dist. HD-029
Deferred to the 41st legislative day
Deferred to the 41st legislative day