limit annual valuation increases on owner-occupied single-family dwellings and provide an exception for mill rate limitations on taxing districts.

Summary

The bill caps how much the assessed value of an owner‑occupied single‑family home can rise each year to the state’s index factor, starting with the 2025 base year. It also creates a loophole that permits taxing districts to set mill rates above statutory limits if their total property tax revenue stays within a growth formula tied to the 2025 level. The measure targets homeowners and local governments, aiming to curb rapid tax increases while giving districts flexibility in revenue planning.

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