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League members push feedback on SB97 as property‑tax changes surface
Summary
League presenters briefed members on SB97 and related property‑tax proposals including a 5% cap, a raised new‑growth exclusion (100%→200%), and a proposal to lower city fund‑balance limits from 35% to 25%; members flagged concerns about housing affordability, bond ratings and impacts on small towns.
Cam, the League presenter, told members the first substitute to SB97 still includes a 5% cap on property-tax increases but said sponsors signaled that the cap may be removed in a later substitute. He described a change raising the definition threshold for 'new growth' so that improvements that increase a property’s value by less than 200% would be excluded from new‑growth calculations (the original threshold had been 100%).
Cam said the substitute would also reduce the permissible city general‑fund balance from 35% to 25% and would create a rebuttable presumption limiting the residential exemption for owners of many units (for…
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