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This property tax bill has the following major provisions:
Bill Summary:
Currently, there are temporary reductions in the valuation for assessment (valuation) of multi-family residential real property and all other residential real property. For the 2023 property tax year, the valuation for these properties is 6.765% of the amount equal to the actual value minus the lesser of $15,000 or the amount that causes the valuation to be $1,000. Section 1 of the bill further reduces the valuation for these properties for the 2023 property tax year by reducing the valuation for these properties to 6.7% of the amount equal to the actual value minus the lesser of $50,000 or the amount that causes the valuation to be $1,000. Reimbursement of local governments. The state is currently required to reimburse local governmental entities for property tax revenue lost as a result of the reductions in valuation enacted in Senate Bill 22-238. The bill maintains this backfill mechanism. Section 2 provides an additional backfill mechanism to reimburse local governmental entities for property tax revenue lost as a result of the additional reductions in valuation enacted in the bill.