Modifies provisions relating to property taxes

Summary

The bill repeals several existing property‑tax statutes and replaces them with new definitions of residential and non‑residential property, sets specific assessment percentages for each subclass, and creates limits on how much a property’s tax value can rise each year. It also requires assessors to contact owners before reclassifying property, allows certain tax‑rate adjustments for districts, and provides a credit that caps annual tax‑liability growth for eligible homeowners. The changes aim to make assessments more uniform and to protect taxpayers from large, unexpected tax hikes.

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