This bill changes the method of valuation of residential property from market to acquisition value. Presumably, this would decrase the market value of residential property. I suspect it will have little effect on property tax revenue except state mills (which are fixed) and urban renewal increment districts that have a residential component. Local governments and schools would increase mill levies to offset the decrease in tax base under current law. Watch.
This bill changes the method of valuation of residential property from market to acquisition value. Presumably, this would decrase the market value of residential property. I suspect it will have little effect on property tax revenue except state mills (which are fixed) and urban renewal increment districts that have a residential component. Local governments and schools would increase mill levies to offset the decrease in tax base under current law. Watch.
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