PROP TX-ASSESSMENT LIMIT

This bill limits how much the assessed value of residential properties can increase during general assessment years. Specifically, it states that the new assessed value cannot be more than the previous year's value plus the increase in the Consumer Price Index. However, this limit does not apply if the property has had significant improvements or additions.

Supporters of this bill argue that it protects homeowners from sudden and excessive property tax increases, making housing more affordable. They believe it provides stability and predictability in property taxes, which is especially important for families on fixed incomes.

Critics of the bill contend that it could undermine local governments' ability to fund essential services by restricting their revenue from property taxes. They argue that the bill may disproportionately benefit wealthier homeowners while limiting resources for communities that rely on property tax income.