April 15, 2024 Group Watch: Bill to Cap Property Value Increases Passes House
The House passed HB73 by a vote of 97-1 last week. The bill limits annual increases in the assessed value of property for tax purposes, capping the increase in assessed value for residential, commercial, farm and timber property at 7 percent as compared to the previous year. The caps would take effect October 1, 2024 and expire October 1, 2027. A fiscal note estimating how much HB73 would reduce revenues was not immediately available. A fiscal note on an earlier version of the bill, when the cap was 5 percent instead of 7 percent, estimated it would reduce tax revenues by $58 million. Education groups have raised concerns about the property tax bill and about the cumulative effect of other bills that will divert money from the Education Trust Fund.
