Limits annual valuation increases on owner-occupied single-family dwellings and allows higher mill rates for taxing districts.

This bill restricts the annual increase in assessed value for owner-occupied single-family dwellings to the index factor, starting from the 2025 assessment. It also allows taxing districts to exceed mill rate limitations if the revenue from real property taxation does not exceed the limits set by the bill. The bill defines "base amount" as the fair market value of the property on November 1, 2020, increased by the index factor for each assessment completed between 2021 and 2024.

Limits annual valuation increases on owner-occupied single-family dwellings and allows higher mill rates for taxing districts.

This bill restricts the annual increase in assessed value for owner-occupied single-family dwellings to the index factor, starting from the 2025 assessment. It also allows taxing districts to exceed mill rate limitations if the revenue from real property taxation does not exceed the limits set by the bill. The bill defines "base amount" as the fair market value of the property on November 1, 2020, increased by the index factor for each assessment completed between 2021 and 2024.