SPONSOR: Matthiesen
This bill modifies the manner in which a political subdivision may revise each tax levy to allow for inflationary assessment growth for all subclasses of real and personal property.
Currently, the inflationary growth factor for any subclass of real and personal property is limited to the actual assessment growth, exclusive of new construction and improvements, but not to exceed the consumer price index, or 5%, whichever is lower.
This bill limits the inflationary growth factor for any subclass of real or personal property to the actual assessment growth, but not to exceed the lower of the following:
(1) The Consumer Price Index; or
(2) The following percentages:
(a) For tax levy revisions before January 1, 2026, 5%; or
(b) For tax levy revisions on or after January 1, 2026, 3%.
This bill is similar to HB 1668 (2024).
Statutes affected: