PROPERTY TAX CHANGES

HB 342 limits annual increases in property tax valuations for residential properties to 3% (capping at 103% of prior year's value or 106.1% of value from two years prior), excluding new homes, certain improvements (like solar systems), and properties with ownership changes or zoning shifts. It also imposes a temporary 12-year cap (2025-2037) on valuation increases for nonresidential property (businesses). The bill requires homeowners to file affidavits for specific property transfers (with exemptions for family transfers or disasters), updates veteran tax exemption rules to align with recent voter-approved changes, and removes the requirement to mail residential property declarations to owners. Administrative penalties are added for late affidavit filings, and county valuation protest board pay is adjusted for inflation.