Real Property Valuation
| Type | Bill |
|---|---|
| Session | 2024 Regular Session |
| Subjects |
Concerning a limit on the percentage by which the actual value of most classes of real property may increase.
Bill Summary:
The bill ensures that the calculation of the actual value of certain real property used for the purpose of establishing a base valuation for valuation for assessment for the 2025 property reassessment cycle but not for the purpose of determining property tax liability for the 2021 and 2023 property tax reassessment cycles does not increase by more than 6% from 2020 levels in the 2021 reassessment cycle and more than 6% from 2021 levels in the 2023 reassessment cycle. The actual value for the 2025 reassessment cycle may not increase by more than 6% over the 2023 levels. After the 2025 reassessment cycle, property values may increase no more than 6% from the preceding assessment cycle during every reassessment cycle thereafter, for certain real property that does not have an unusual condition that results in an increase in actual value.
(Note: This summary applies to this bill as introduced.)
Committees
Senate
Finance
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 02/07/2024 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Refer Senate Bill 24-144 to the Committee on Appropriations. | The motion failed on a vote of 3-4. | Vote summary |
| Postpone Senate Bill 24-144 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 4-3. | Vote summary |
| Date | Location | Action |
|---|---|---|
| 02/27/2024 | Senate | Senate Committee on Finance Postpone Indefinitely |
| 02/07/2024 | Senate | Introduced In Senate - Assigned to Finance |