Gov. Larry Rhoden and a working group of lawmakers are unveiling their property tax relief proposal.
The measure is being proposed through Senate Bill 216.
Over the last four years, the property tax burden has increased for owner-occupied, while commercial has remained steady and agriculture has decreased.
The bill limits owner-occupied assessment increases to three percent for the next five years.
Rhoden said Thursday the proposal provides a reasonable tamp down on owner-occupied valuations
“Then we have a chance to assess what’s going on five years from now,” Rhoden said. “I think the valuations — the housing market has already stabilized. By keeping a cap on it for the next five years, then we can reassess if we’ve fallen back into a more reasonable line as far as the share of property taxes that owner occupied pays.”
The proposal also caps the amount certain taxing districts can increase.
Home renovations that add up to 40 percent are also excluded from growth calculations. It also sets different income limits for assessment freeze waivers.
