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IN SB0201

Bill

Official Source

Status

Introduced

1/7/2013

Primary Sponsor

Joseph Zakas

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Origin

Senate

2013 Regular Session

AI Summary

  • Limits annual increases in assessed value of homesteads to 5% for assessment dates after 2013
  • The 5% cap does not apply when ownership of the homestead changes (either full or partial transfer)
  • Physical changes or improvements to the property are excluded from the cap, allowing assessed value to increase beyond 5% to reflect those modifications
  • The cap applies to annual adjustments and general reassessments, but only to the extent increases are not due to physical property changes
  • The Department of Local Government Finance must adopt rules to implement the homestead assessed value growth cap

Legislative Description

Homestead assessed value growth cap.

Last Action

Pursuant to Senate Rule 68(b); reassigned to Committee on Tax and Fiscal Policy

1/7/2013

Committee Referrals

Elections1/7/2013

Full Bill Text

No bill text available