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HB 231

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2025-2026 Regular Session Introduced by Michelle Au and 2 co-sponsors

HB 231 revises property tax rates to align with current market values, impacting property owners' tax obligations and local government funding for services.

House Second Readers
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Bill Summary · HB 231

Summary of HB 231: Revise Property Tax Rates for Certain Property

Bill Overview

Bill Number: HB 231
Title: Revise property tax rates for certain property
Status: Chapter Number Assigned
Introduced: September 06, 2024
Classification: Bill
Subject: Revenue, Local, State, Rule Making, Taxation (Generally), Taxation--Property

Purpose and Intent

The primary purpose of HB 231 is to revise property tax rates applicable to certain types of property. This legislation aims to adjust the tax framework to better reflect current economic conditions and property values, thereby ensuring a fairer taxation system for property owners.

Key Provisions

  • Revised Tax Rates: The bill proposes specific changes to the property tax rates for designated categories of property. While the exact rates are not detailed in the provided information, the revisions are intended to align tax obligations with property market realities.
  • Implementation Timeline: The bill outlines a timeline for the implementation of the new tax rates, which will take effect following the legislative process and approval by the Governor.

Impact

  • Property Owners: The changes will directly affect property owners within the specified categories, potentially resulting in lower or higher tax obligations depending on the adjustments made.
  • Local Governments: Local governments that rely on property tax revenue may see fluctuations in their funding based on the revised rates, impacting budget allocations for public services.

Legislative Actions

The bill has undergone several legislative actions, culminating in its signing by the Governor on May 13, 2025. Below are key milestones in the legislative process:

  • May 19, 2025: Chapter Number Assigned
  • May 13, 2025: Signed by Governor
  • May 7, 2025: Signed by President and transmitted to Governor
  • April 30, 2025: Multiple readings and conference committee reports adopted in both the House and Senate
  • February 27, 2025: Passed 3rd Reading in the House and transmitted to the Senate

Conclusion

HB 231 represents a significant legislative effort to update property tax rates, reflecting changes in property values and economic conditions. The bill's passage indicates a commitment to ensuring that property taxation remains equitable and responsive to the needs of both property owners and local governments. As the bill is now law, stakeholders will need to prepare for the changes in tax obligations and their implications for local funding.

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

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