Allows municipalities to limit property tax assessment increases to a minimum of five percent.

The bill permits municipalities to enact ordinances that restrict the annual increase in the assessed value of real property to no less than five percent. This applies to properties owned and occupied as a permanent residence by residents for at least 185 days a year. The ordinance can include additional requirements for administration and enforcement.

Allows municipalities to limit property tax assessment increases to a minimum of five percent.

The bill permits municipalities to enact ordinances that restrict the annual increase in the assessed value of real property to no less than five percent. This applies to properties owned and occupied as a permanent residence by residents for at least 185 days a year. The ordinance can include additional requirements for administration and enforcement.