Property Valuation
| Type | Bill |
|---|---|
| Session | 2023 Regular Session |
| Subjects |
Concerning real property valuation, and, in connection therewith, extending the property tax reassessment cycle beginning on January 1, 2021, to a four-year cycle; removing the dollar amount reductions to the actual value used for the valuation for assessment of lodging property, improved commercial property, and residential property; maintaining the same assessment rates for all real property besides residential real property in the 2023 and 2024 property tax years; and capping the increase in property values between the 2022 and 2025 property tax years.
Bill Summary:
Most real property is reassessed every odd-numbered year. The bill establishes a one-time exception by making the reassessment cycle beginning on January 1, 2021, a 4-year cycle so that the next reassessment cycle will begin in 2025 instead of 2023.
Under current law, for the 2023 property tax year, the actual value used for purposes of valuation for assessment is reduced for commercial real property by $30,000 and for residential real property by $15,000. The bill eliminates these reductions.
The bill also sets the assessment rates for nonresidential real property and multi-family residential real property for the 2024 property tax year, so that they are the same rates as for the 2023 property tax year.
Lastly, the bill ensures that the actual value of property used for purposes of valuation for assessment does not increase by more than 5% between 2022 and 2025, for property that does not have an unusual condition which results in an increase or decrease in actual value.
(Note: This summary applies to this bill as introduced.)
Committees
House
Finance
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 01/09/2023 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 (Attachment A). | The motion passed without objection. | Vote summary |
| Refer House Bill 23-1054, as amended, to the Committee on Appropriations. | The motion failed on a vote of 5-6. | Vote summary |
| Postpone House Bill 23-1054 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. | The motion passed on a vote of 6-5. | Vote summary |
| Date | Amendment Number | Committee/ Floor Hearing | Status | Documents |
|---|---|---|---|---|
| 03/09/2023 | L.001 | HOU Finance | Passed [*] |
| Date | Location | Action |
|---|---|---|
| 03/09/2023 | House | House Committee on Finance Postpone Indefinitely |
| 01/09/2023 | House | Introduced In House - Assigned to Finance |