Some U.S. states have passed laws to provide property tax cuts this year. In this article, read and find out if your state is in one of them!
According to Ballenger, the legislature of the state authorized and signed the HB 1499 into law in May. The bill intends to property tax cuts of more than $100 million and expand deductions that are currently limited to 25% of the assessed value.
Temporarily, the deductions will be as much as 40%, but in the end, it will be 35% of the assessed value of properties valued at no more than $600,000. For properties that are more expensive, the deductions will be as much as 30% and will revert to 25% of the assessed value.
The legislature of Missouri passed the SB 190 on May 30. Once it is signed into law, the bill will authorize counties in the state to launch property tax cuts for homeowners who are qualified to receive Social Security retirement benefits.
The bill states that the amount of property tax cuts must be equal to the difference between the property tax liability on the homestead in a certain year and the property tax liability on the homestead in the year when the taxpayer became eligible for the benefits.
According to Turley, in North Dakota, the HB 1158 was signed into law in April which intends to provide $157 million in property tax cuts. The bill will make this effective by allowing homeowners to claim property tax cuts of up to $500 for their primary residence.
Furthermore, homeowners will also be allowed to expand the eligibility and the maximum amount of the property tax cuts for those who are aged 65 and older.