SB 540

Bill Subjects

County Government Elections; Generally Local Elected Officials; Assessors Local Government; Generally Taxes; Exemptions Taxes; Property Taxes Taxes; Tax Levies

Abstract

Raises the acquisition cost threshold for purposes of the personal property tax exemption from $80,000 to $250,000. Limits the ability to seek an excess levy appeal to those units that have experienced a year over year population increase of 5% or more. Caps the allowable increase in the amount of property taxes first due and payable on a homestead in 2026, 2027, and 2028. Provides, beginning in 2027, that the office of the county assessor is an appointive office rather than an elective office. Specifies that the county executive shall appoint an individual to the office of the county assessor. Includes provisions to manage the conversion of the office of the county assessor to an appointive office upon the abolition of the office as an elective office.