SENATE VOTES TO LIMIT PROPERTY TAX INCREASES

By a unanimous vote, the Senate on Feb. 27 sent to the House legislation to limit property tax increases caused by property reassessments. Under existing law local governments are supposed to roll back their tax rates following reassessments so they don't profit from rising property values. However, many taxing jurisdictions that are charging a rate below their legally authorized rate ceiling often forgo post-reassessment rollbacks.

SB 711 would make rollbacks mandatory even if a taxing jurisdiction is charging a rate below the ceiling. Supporters of the bill say the failure of local governments to roll back rates has resulted in excessive property tax bills for homeowners, especially the elderly.