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Senate panel lowers institutional‑owner threshold and advances measure taxing very large single‑family rental portfolios
Summary
Lawmakers advanced SB576 after hours of debate and an amendment that reduced a proposed threshold for heightened taxation of institutional owners. The bill lets local governments assess single‑family rental owners above a set threshold at up to 100% of fair‑market value, and requires attestations and data for income‑approach valuations.
Senators on the Finance Committee advanced legislation that would give local governments new authority to raise the property tax assessment rate on very large single‑family rental owners, moving the bill forward after lawmakers adopted an amendment lowering the threshold for heightened treatment.
The sponsor of SB576 told the committee the bill is designed to discourage large institutional investors from purchasing single‑family homes that otherwise would be available to individual buyers. Under the bill as amended, a local government could choose to assess owners who exceed a specified threshold of single‑family residences at up to 100% of…
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