Loading chat...

IN SB0044

Bill

Official Source

Status

Introduced

1/5/2011

Primary Sponsor

Brent Steele

Click for details

Origin

Senate

2011 Regular Session

AI Summary

  • Caps annual assessed value increases on homesteads to 2% for assessment dates after 2011
  • The 2% cap does not apply when ownership of the homestead changes (either full or partial ownership transfer)
  • The cap only applies to increases from annual adjustments or general reassessments, not to increases resulting from physical changes to the property
  • Physical improvements or changes to the property can still result in assessed value increases exceeding the 2% limit
  • Requires the Department of Local Government Finance to adopt rules implementing the cap

Legislative Description

Homestead assessed value growth cap.

Last Action

First reading: referred to Committee on Appropriations

1/5/2011

Full Bill Text

No bill text available