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H 3445

Assessment ratios

2025-2026 Regular Session Introduced by Todd Rutherford

H 3445 - Assessment Ratios OverviewBill Number: H 3445 Title: Assessment Ratios Status: Referred to Committee on Ways and Means Introduced: February 27, 2025 Purpose and IntentT

Referred to Committee on Ways and Means
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Bill Summary · H 3445

H 3445 - Assessment Ratios

Overview

Bill Number: H 3445
Title: Assessment Ratios
Status: Referred to Committee on Ways and Means
Introduced: February 27, 2025

Purpose and Intent

The purpose of this bill is to modify the assessment ratios used to determine property tax valuations in the state. The intent is to provide more equitable and consistent property tax assessments across different classes of real estate.

Key Provisions

  • Reduces the assessment ratio for owner-occupied residential properties from 6% to 4% of fair market value
  • Increases the assessment ratio for commercial and industrial properties from 10.5% to 12% of fair market value
  • Maintains the 6% assessment ratio for non-owner-occupied residential properties
  • Requires the Department of Revenue to conduct a comprehensive study on the impacts of the new assessment ratios within 2 years of enactment

Affected Parties and Impacts

  • Owner-occupied homeowners will see a reduction in their property tax burden, potentially saving hundreds of dollars per year
  • Commercial and industrial property owners will see an increase in their property tax obligations, which may be passed on to tenants and customers
  • Local governments may experience changes in property tax revenue, requiring adjustments to budgets and service levels
  • The Department of Revenue will need to update assessment practices and provide guidance to county assessors on the new ratios

Procedural and Timeline Considerations

H 3445 has been referred to the Committee on Ways and Means for further consideration. If reported favorably by the committee, the bill will then proceed to a full vote in the state House of Representatives. If passed by the House, the bill would then move to the state Senate for consideration. The Governor would need to sign the bill into law for it to take effect. The proposed changes to the assessment ratios would be implemented starting in the next tax year following the bill's enactment.

Compiled from official sources — confirm details with the bill’s official record.

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