Bill > H2891

This bill seeks to establish a municipal tax assessment increase limit. It would allow the local appropriating authority of any city or town to seek voter approval to limit the annual increase on the total taxes assessed on real property classified as Class One, residential. The limit would be set at 3 percent of the annual increase or the percentage change in the Consumer Price Index, whichever is lower, for the principal residence of a taxpayer. For real property that is not the principal residence, the limit would not exceed 10 percent of the annual increase. The total taxes assessed on the property would not be allowed to exceed the rate based on the full and fair cash valuation of the property. The limits would apply automatically, but would not apply to any increases in value resulting from improvements made by the taxpayer or in any fiscal year in which the property is sold or transferred.

Budget and Finance

https://malegislature.gov/Bills/193/H2891