Measures to lower cap on property tax hikes clear first committee hurdle

Voters could get the chance to reduce the size of property tax increases in the 2024 election, as one Senate panel gave its approval to a ballot measure that would cut the cap on annual property value hikes from 3% to 2%.

The Senate Community Affairs Committee on Wednesday passed SJR 122, which places the measure on the November 2024 ballot, and SB 120, which installs the language in statute, effective Jan. 1, 2025, if 60% of voters approve. The implementing bill passed 6-3 on a party line vote, with Republicans in favor and Democrats opposed.

Democrats expressed concern that the

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