This bill proposes a freeze on property tax revenues and assessments for a two-year period, specifically for taxes payable in 2026 and 2027. It amends existing laws to stipulate that the total amount of revenue from taxes on real property within a taxing district cannot increase over the previous year's revenue, with certain exceptions for improvements or changes in property use. The bill also introduces a new provision that limits the assessed value of real property for these two years, ensuring it does not exceed the assessed value from 2025 unless there are changes in use or classification.

Additionally, the bill makes several amendments to existing statutes regarding property tax revenue limits. It removes previous language that exempted school districts from certain provisions and clarifies that any increases in revenue due to property improvements or changes in use are still permissible. The bill repeals a section that allowed counties or municipalities to utilize unused index factors from prior years to increase revenue, thereby tightening the restrictions on property tax revenue growth. Overall, the legislation aims to provide financial relief by stabilizing property tax assessments and revenues during the specified period.

Statutes affected:
Introduced, 02/05/2025: 10-13-35, 10-13-35.3, 13-16-7, 10-13-35.5