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Sponsor outlines 'CAPS Act' to phase in property tax spikes; committee questions permissive design
Summary
Representative King presented the Calculated Adjustments for Property Surges (CAPS) Act, proposing an optional three-year phase-in of sharp property valuation increases with a tax credit to smooth taxpayer impacts; members questioned whether municipalities could game requests and whether county budget commissions could serve a similar role.
Representative King provided sponsor testimony on House Bill 504, the Calculated Adjustments for Property Surges (CAPS) Act, describing it as an optional local tool to protect homeowners and communities from sudden spike-related tax burdens. King said the measure phases in large valuation-driven tax increases over three years (one-third in year one, two-thirds…
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