HB73 Summary

• Limits annual increases in assessed value for Class II and Class III real properties to 7 percent from the previous year's assessed value after county-wide reappraisals.

• Exempts from the 7 percent cap: property never previously assessed, additions/improvements and new construction, property classification changes, and properties in tax increment districts.

• Exempts from the 7 percent cap transfers between spouses or family members for no or nominal consideration (including upon death) and transfers due to foreclosure redemption, tax sales, or tax liens.

• Takes effect October 1, 2024 and continues through the fiscal year beginning October 1, 2027.