Limits increases in real property taxes due to a revaluation, reassessment or update to five percent

1 Co-sponsor

• Catharine Young

BILL NUMBER:S933

Title of bill

An act to amend the real property tax law, in relation to limiting the increase in real property taxes resulting from a reassessment

Purpose

This bill limits increases in real property taxes due to a revaluation, reassessment or update to five percent.

Summary of provisions

The real property tax law is amended by adding a new section 306 to limit increases in real property taxes due to a revaluation, reassessment or update to five percent.

In no way does this section limit or prohibit any municipal corporation from choosing to increase their real property tax if they so choose.

Justification

Across the State, homeowners are consistently facing increased property taxes. These increases are making it difficult for homeowners, both new and old, to keep pace with large jumps on their tax bill.

Increases in real property taxes due to a revaluation, reassessment or update need to be capped at 5% from year to year to help homeowners financially prepare for tax increases.

This bill does not limit a locality from choosing to increase their real property tax should it decide to do so. The bill simply says that real property tax increases due to a revaluation, reassessment or update will be capped at 5%.

Legislative history

S.6406 of 2006; S.609 of 2007/2008; S.593 of 2009/10

Fiscal implications

None.

Effective date

This act shall take effect immediately.