Bill
A 3663
Overview: Bill Number: A 3663, Title: Relates to the limit upon real property tax levies by local governments, Status: REFERRED TO REAL PROPERTY TAXATION, Introduced: January 29, 2
Overview: Bill Number: A 3663, Title: Relates to the limit upon real property tax levies by local governments, Status: REFERRED TO REAL PROPERTY TAXATION, Introduced: January 29, 2025
Purpose and Intent: This bill aims to address the issue of rising real property tax burdens on local governments and their constituents. The legislation seeks to establish a limit on the amount of real property tax that can be levied by local governments, with the goal of providing relief and stability for taxpayers.
Key Provisions:
- Imposes a cap on the annual increase in real property tax levies by local governments, limiting the growth to no more than 2% or the rate of inflation, whichever is lower
- Allows for exceptions to the cap in cases of extraordinary circumstances, such as natural disasters or significant increases in mandated costs
- Requires local governments to hold public hearings and obtain voter approval before exceeding the tax levy limit
Affected Parties and Impacts:
- Local governments, including counties, cities, towns, and villages, would be subject to the tax levy limit
- Taxpayers, including homeowners and businesses, would potentially benefit from the reduced real property tax burden
- Potential impacts on local government budgets and the ability to fund essential services and infrastructure
Procedural and Timeline Considerations:
- The bill has been referred to the Real Property Taxation committee for further consideration
- If passed, the tax levy limit would likely be implemented in the next fiscal year or budget cycle for local governments
Compiled from official sources — confirm details with the bill’s official record.
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