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HB23B-1004

2023 Property Tax Reduction Policy Study

Concerning property tax relief, and, in connection therewith, reducing property taxes for the 2023 property tax year and requiring the legislative oversight committee concerning tax policy to consider a long-term solution for property taxation in the state and to include any findings and recommendations regarding such a long-term solution in its annual report to the general assembly.
Session:
2023 Extraordinary Session
Subject:
Fiscal Policy & Taxes
Bill Summary

Valuation changes. Currently, there are temporary reductions in the valuation of multi-family residential real property and all other residential real property. For the 2023 property tax year, the valuation 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 (alternate amount). Section 1 of the bill reduces these valuations for the 2023 property tax year by increasing the subtraction amount from $15,000 to $115,000 or the alternate amount. Section 2 makes a conforming amendment related to the 2023 property tax year which is tied to the 2024 property tax year assessment rate. Property tax deadlines and conforming amendments. Sections 3 to 8 delay deadlines as necessary due to the valuation changes for the 2023 property tax year and make conforming amendments related to the valuation changes. Long-term solution. Section 9 requires the legislative oversight committee concerning tax policy to study and report to the general assembly regarding a long-term solution to address property taxation in the state.
(Note: This summary applies to this bill as introduced.)

Status

Introduced
Lost

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. B. Marshall

Sponsor

Co-sponsor

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