Vote Smart's Synopsis:

Vote to pass a bill that provides various property tax credits and caps property tax increases.

Highlights:

- Limits local property tax increases to four percent [sec. 9 (1)]. - Allows localities to exceed this limit with 60 percent voter approval [sec. 9 (4)]. - Limits annual property tax value increases to two percent per year [sec. 5 (2)]. - Increases the maximum salary under which one can receive a homestead credit from $13,000 to $25,000 [sec. 4 (1)(c)]. - Provides for a state-paid property tax relief credit, which covers eight percent of total taxes for homesteads and four percent for agricultural or commercial properties [sec. 11 (1)(b)]. - Provides a five percent discount for those who pay their property taxes by February 15 [sec. 12]. - $70 million appropriated from the general fund to provide property tax relief credits [sec. 14]. - $10 million appropriated to provide homestead credits [sec. 14].

Full Bill Text