The House Local Government Committee I just unanimously approved a bill that would allow counties to rescind their property revaluations (legislation is HB 1530, Rescind Advanced Property Tax Appraisal).
Residents in a number of counties are concerned that revaluations would cause taxes to go up. The problem is tied to the slumping economy. Since the revaluations are taken from property values from past years, the appraisals are higher than current market value, given the recent mortgage implosion.
Higher revaluations don’t necessarily mean taxes will go up since county commissioners can set a lower rate in their budget, but many residents are still concerned.
“The citizens of the state don’t need this to be taking place right now in these economic times,” said Rep. Cole at the committee hearing today.
The bill now moves on to the House Finance Committee.
