HB 352, State Limit on Property Tax Revenues

Municipal Impact
GMA Contact
Bill Sponsor

Rep. Martin Momtahan
District 17

This bill would establish a floating homestead exemption on every homesteaded property in the state in the amount that the assessed value of the property exceeds an established base year value, adjusted annually by half of the percentage increase of the Consumer Price Index (CPI). This homestead exemption would be in addition to other homestead exemptions, but would replace any base year assessed value or adjusted base year assessed value of a homestead exemption provided by a local Act.

This bill would require that all property tax bills include the amount of each tax levied and each credit for the three preceding years. This bill would also provide that a taxpayer may claim a refund for a negligently incorrect assessment of their property by a county officer, employee, or agent any time within ten years after the tax payment opposed to the current three year limit on tax refunds.

This bill would provide that the chief appraiser is elected by the residents of the county for a term of four years, while this position is currently designated by the county board of tax assessors. The bill would also extend the time limit to appeal a property tax assessment from 45 days to 180 days of mailing to the notice.

This bill also would require that the county board of tax assessors accept a property appraisal certified by a licensed appraiser or state certified appraiser as the fair market value of the property for property tax purposes.

In order to become law, the bill would be required to receive two-thirds majority vote in both the Senate and the House of Representatives. The homestead exemption provision must also be approved by the electors of this state in the November 2022 state-wide election.

Last Updated: 2/26/2021
Subject Area: Taxation
Resources: bill text
2/10/2021 - Assigned To House Committee
House Ways & Means

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