Vote Smart's Synopsis:

Vote to concur with house amendments and pass a bill that reduces state property taxes and authorizes a voter approved revenue change.

Highlights:

• Requires the secretary of state refer a ballot issue to voters at the November 2023 election that asks whether property taxes should be reduced (Sec. 3).

• Establishes limits on local governments property tax revenue (Sec. 6).

• Reduces the assessment rate for lodging property and all nonresidential property, excluding agricultural and renewable energy production property from 29% to (Sec. 8):

• 27.85% for the 2024 through 2026 property tax years;

• 27.65% for the 2027 and 2028 property tax years;

• 26.9% for the 2029 and 2030 property tax years;

• 25.9% or 26.9% for 2031 and 2032 property tax years depending on increase in valuation in the 32 counties with the smallest increases;

• 26.4%.

• Reduces the assessment rate for agricultural property, excluding renewable energy land, and renewable energy property from 29% to (Sec. 8):

• 26.4% for the 2025 through 2030 property tax years; and

• 25.9 % or 26.4% for 2031 and 2032 property tax years depending on the increases in valuation in the 32 counties with the smallest valuation.

• Reduces the assessment rate for renewable energy agricultural land from 29% to 21.9% for the 2024 through 2032 property tas years (Sec. 9).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that reduces state property taxes and authorizes a voter approved revenue change.

Highlights:

• Requires the secretary of state refer a ballot issue to voters at the November 2023 election that asks whether property taxes should be reduced (Sec. 3).

• Establishes limits on local governments property tax revenue (Sec. 6).

• Reduces the assessment rate for lodging property and all nonresidential property, excluding agricultural and renewable energy production property from 29% to (Sec. 8):

• 27.85% for the 2024 through 2026 property tax years;

• 27.65% for the 2027 and 2028 property tax years;

• 26.9% for the 2029 and 2030 property tax years;

• 25.9% or 26.9% for 2031 and 2032 property tax years depending on increase in valuation in the 32 counties with the smallest increases;

• 26.4%.

• Reduces the assessment rate for agricultural property, excluding renewable energy land, and renewable energy property from 29% to (Sec. 8):

• 26.4% for the 2025 through 2030 property tax years; and

• 25.9 % or 26.4% for 2031 and 2032 property tax years depending on the increases in valuation in the 32 counties with the smallest valuation.

• Reduces the assessment rate for renewable energy agricultural land from 29% to 21.9% for the 2024 through 2032 property tas years (Sec. 9).

Full Bill Text