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 the yearly assessed value increase of owner‑occupied single‑family dwellings at three percent, resetting the base value when the home is sold. It also permits taxing districts to raise mill rates above existing limits if the extra revenue does not exceed a formula‑based growth ceiling. The goal is to stabilize homeowners' taxes while giving districts flexibility for revenue needs.

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