This bill caps how much the assessed value of owner-occupied single-family homes can increase each year—limiting it to the state's inflation index factor—while allowing reassessment at fair market value when the home is sold. The cap starts with a baseline established for the 2025 assessment year and protects homeowners from steep annual property tax increases due to rising home values. The bill also ensures that this valuation limit doesn't shift the tax burden onto other property owners or agricultural land.
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
Taxation — Deferred to the 41st legislative day