AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

HB 5698 changes how property taxes are calculated for owner-occupied low- and moderate-income housing. It requires assessors to use a property’s most recent sales price - not standard market value - as the tax assessment basis for qualifying housing units. This directly affects homeowners in designated low- and moderate-income housing that serves as owner-occupied residences. The change prevents tax increases tied to rising market values, maintaining affordability for eligible homeowners.