2023 Property Tax Reduction Policy Study

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.)