Real Property Valuation

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.)