HB23-1054 Summary

• Extends the property tax reassessment cycle beginning January 1, 2021 from two years to four years, making the next reassessment cycle begin in 2025 instead of 2023.

• Eliminates dollar amount reductions to actual value previously applied to lodging property ($30,000), improved commercial property ($30,000), and residential property ($15,000) for the 2023 property tax year.

• Maintains the same assessment rates for nonresidential and multi-family residential property in both the 2023 and 2024 property tax years.

• Caps increases in property actual values at no more than 5 percent between 2022 and 2025 for properties without unusual conditions such as improvements, structural remodeling, changes in land use, or damage from natural causes.