02/13/2024

Senate Bill 136

Lead Sponsors: Senator Hearcel Craig

Status: 1st Hearing in Senate Ways and Means Committee (September 20, 2023)

Description: The bill caps the annual growth of property tax bills for certain owner-occupied homes at 5% per year. Certain exemptions apply, such as if the home is already wholly or partially exempt due to a TIF or if significant improvements were made to the house that caused the property tax bill to increase by more than 5%. 

The bill requires the state GRF to reimburse taxing units for the property tax revenue loss that would result from the provisions of this bill, in the same manner as how the existing 10% and 2.5% rollbacks are reimbursed.

CCAO Position: No position (as of July 2024)