An Act relative to establishing a municipal tax assessment increase limit
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to limit the amount by which municipal property assessments can increase each year. Currently, municipalities have broad authority to raise property assessments, which can lead to significant increases in property taxes. This legislation aims to provide more stability and predictability for homeowners and taxpayers by capping the annual assessment increase.
Key provisions
- Establishes a limit on the annual increase in municipal property assessments.
- The specific limit on the assessment increase is not defined in the text.
- The bill directs the state’s Office of Tax Simplification to study the impact of this limit.
- The study will examine the potential effects on municipal budgets and property tax revenues.
- The study findings will be used to inform the development of a proposed assessment limit.
- The bill is accompanied by a study order (H.5195) to further investigate the issue.
Who is affected
- Homeowners
- Property taxpayers
- Municipal governments
- The Office of Tax Simplification
Notable changes
- Currently, municipalities have broad discretion in setting property assessments.
- This bill introduces a cap on the annual assessment increase, providing greater control for taxpayers.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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