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Legislative conferees agree to 9% assessed-valuation growth cap, plan August ballot placement
Summary
Conferees said they will propose a constitutional amendment (SCR 1616) that would cap annual assessed valuation growth at 9% (base year 2024) for tax year 2027, include standard exceptions and permit later legislative rules on improvement-related increases.
Conferees at a legislative meeting agreed on language for a proposed constitutional amendment to limit annual assessed valuation growth to 9 percent, using 2024 assessed values as the base and applying the cap for tax year 2027. Staff told the group the concurrent resolution would mirror SCR 1616 as passed in the Senate and would explicitly exempt normal maintenance and repairs from value increases.
The package would cover residential, commercial, industrial and agricultural property subclasses and would…
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