HCSHJRs33&45--PROPERTYTAXASSESSMENTS
SPONSOR: Coleman
COMMITTEEACTION:Voted"DoPasswithHCS"bytheSpecial
CommitteeonTaxReformbyavoteof10to3.
ThefollowingisasummaryoftheHouseCommitteeSubstitutefor
HJR33.
Uponvoterapproval,beginningJanuary1,2025,thisproposed
Constitutional amendmentprovidesthatforallresidentialreal
property,thetruevalueofsuchpropertywillbedeemedtobethe
samevaluedeterminedatthemostrecentpreviousassessmentofthe
property,orifthepropertyhasbeensoldsinceitsmostrecent
assessment,thetruevalueofsuchpropertywillbedeemedtobe
thetotalfairmarketvalueofthecompensationreceivedbythe
sellerforthesaleofsuchproperty.
Anewassessmentorreassessmentofresidentialrealproperty,the
assessedvaluationofsuchpropertymaybeincreasedfromthe
assessedvaluationofsuchpropertydeterminedatitsmostrecent
previousassessmentbutonlytotheextentthatsuchanincrease:
(1)IncorporatesthechangeintheConsumerPriceIndexsincethe
mostrecentpreviousassessmentoruptoa2%annualincreasein
theassessedvaluationoftheproperty,whicheverisless;or
(2)Reflectsthevalueaddedtothepropertyasaresultofnew
constructionorimprovementsmadetotheproperty.
Intheeventthatresidentialrealpropertyissold,thetitle
companyofthepurchaserofanysuchpropertymustsendtothe
assessor,assoonasreasonablypracticableafterthepurchase,a
notarizedcopyofthesalescontractoftheproperty,andsuch
documentshallbeconsideredaclosedrecordunderstatelaw.
Intheeventthatnewconstructionorimprovementsaremadeto
residentialrealproperty,suchvaluewillbetheactualcostof
thematerialspurchasedforimprovementsmadetotheproperty.
Documentationofactualcostsmustbesenttotheassessorassoon
asreasonablypracticableafterthecompletionofthenew
constructionorimprovements. Suchdocumentationofcostsorother
documentswillnotbemadeavailabletoanyentityandwillbeused
onlybytheassessorforthesolepurposeofestablishingthetrue
valueoftheproperty.
Taxpayerswhoreachtheageof65shallbeexemptfromany
increasesintheassessedvaluationoftheirrealproperty, providedthatsuchpropertyisusedandoccupiedastheirprimary
residence. Thevaluationofrealpropertyfortheseage-qualified
taxpayersshallbebasedonthemostrecentassessedvaluationof
theirprimaryresidenceforthetaxyearimmediatelyprecedingthe
yearinwhichtheage-qualifiedtaxpayerbecameeligibleforthe
exemption.
Ifanage-qualifiedtaxpayerrelocates,assoonasthenew
residenceisestablishedasthetaxpayer'sprimaryresidence,the
assessedvaluationoftheirnewprimaryresidenceshallbebasedon
themostrecentassessedvaluationoftherealpropertybeforethe
taxyearthattheage-qualifiedtaxpayerbecameeligibleagainfor
theexemption.
ThisbillissimilartoHJR80(2022).
Thefollowingisasummaryofthepublictestimonyfromthe
committeehearing. Thetestimonywasbasedontheintroduced
versionofthebill.
PROPONENTS: Supporterssaythatasaresultoftheincreased
assessedvaluesoftheirrealestate,manytaxpayersarebeing
pricedoutoftheirhomesduetotaxratestheycannolonger
affordtopay.Manyofthosetaxpayersareelderly,disabled,or
armedserviceveteranswholiveonfixedincomes. Supporters
furthersaythatthebillwouldprovideconsistencytothequestion
oftheirfuturetaxobligations,whichwouldallowtaxpayersto
planaccordingly.
TestifyinginpersonforthebillwasRepresentative Coleman.
OPPONENTS: Therewasnooppositionvoicedtothecommittee.
Writtentestimonyhasbeensubmittedforthisbill.Thefull
writtentestimonyandwitnessestestifyingonlinecanbefound
underTestimonyonthebillpageontheHousewebsite.