State Senator Steve McClure has filed a bill in the General Assembly in an effort to limit property tax increases.
Senate Bill 3694 was introduced by McClure on February 14th, and aims to limit the amount a residential property’s assessed value can increase each year beyond the the corresponding year’s assessed value based on the Consumer Price Index.
Senator McClure says that the bill would stop home values used for assessing property taxes from increasing any more than the amount of inflation since the previous year.
A provision in the bill would still allow for values to increase beyond in rate of inflation in cases such as properties that have had renovations. Those property value increases based on renovation projects would require a building permit to have been needed to complete the project.
The bill also allows for increases beyond inflation if ownership of the property has been transferred due to a sale since the property’s last general assessment.
Senate Bill 3694 has been refereed to the Assignments Committee, and would go into effect beginning in the taxable year 2021.