Bill > S1670

Introduced Session

This bill modifies existing law regarding the "freeze" of property tax assessment appeal judgments within taxing districts performing a review and revision of all property to current market value. Under current law appeal judgments on property tax assessments terminate with the tax year immediately preceding the year in which a program for a complete revaluation or complete reassessment of all real property within the district has been put into effect. This bill also allows a termination of property tax assessment appeal judgments in districts performing a review and revision of all property to current market value, but limits the tax increase to the year over year increase in the district's net taxable value of property. The net valuation taxable is the total value of all taxable property in a taxing district. The limiting effect is to honor the property tax proportionate share established by the appeal judgment and ensure fair levy distribution in the subsequent year through the capture of common appreciation of property value.

AI Summary

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Declan O'Scanlon (R)*, 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)

Official Document