Bills › 90th General Assembly
Modifying the calculation to determine the percentage of actual value at which agricultural and residential properties are taxed, and including applicability provisions
Topics:AgricultureTaxes
Where it is now
- Done: IntroducedFebruary 8, 2024
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2024 session adjourned on April 19, 2024, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary Currently, the growth used to calculate property taxes for homes and farms is limited by whichever group grew the least the year before. This change allows residential and agricultural property growth to be calculated separately without being tied to each other's rates. Both types of property will still have a maximum growth limit in place.1
Read the official explanation
Under current law, calculations of the percentage of actual value at which agricultural and residential property are assessed for taxation are based on several factors. One such factor is the percentage of growth in each class of property. Under current law, the amount of growth that may be used to calculate the taxable percentage of each class of property is limited to the amount of growth of whichever class of property had less growth in the previous year if at least one class of property had less than percent growth. This bill removes the limitation that residential property growth and agricultural property growth may only be calculated based on whichever class of property had lower growth. Both classes of property are still subject to the limitation that growth for that class of property cannot exceed percent in an assessment year. The bill applies to assessment years beginning on or after January 1, 2025.