Summary of Raised Bill No. 6644

• The Secretary of the Office of Policy and Management shall conduct a study of the fiscal impact and feasibility of establishing annual property tax growth caps for municipalities, districts, and regional school districts, limited to the lesser of 2% or the consumer price index increase.

• The study must examine potential exclusions from the cap for tax revenue increases from new construction, development, or abatement additions/expirations.

• The study must analyze methods for overriding the cap through legislative body votes, board of directors votes, regional board of education votes, or referendums.

• The study must evaluate the costs and benefits of allowing carry-over of unused annual tax growth into the following fiscal year and penalizing entities that exceed the cap by reducing their cap in the subsequent year.

• The Secretary shall submit a report with findings and legislative recommendations to the joint standing committee on planning and development no later than January 1, 2022.