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What's New
What's New
What's New In Property Taxes
- New 7% Cap on Assessed Values for the 2025 Tax Year starting October 1st. HB73 (Act 2024-344) and the accompanying administrative rule 810-4-1-.28, introduces a cap mechanism that limits the annual increase in the taxable assessed values of Class II (e.g., commercial properties) and Class III (e.g., agricultural or owner-occupied residential properties) to 7 percent. This cap ensures that property taxes increase gradually, even during periods of rapid market appreciation. For more information: 7% Cap Information – HB73 (Act 2024-344)