Revise residential and commercial property tax rate

This bill proposes to change the tax rates for both residential and commercial properties. If passed, it would adjust how much property owners pay in taxes based on the value of their properties. The bill affects all property owners in the state, including homeowners, businesses, and other commercial entities. Depending on the changes, it could either increase or decrease their tax burden.

As of May 20, 2025, the bill has failed and is no longer in process. It was introduced on January 15, 2025, and went through several stages including a hearing and committee review. However, it missed a key deadline for revenue bill transmittal on April 7, 2025, and ultimately died in the process.

The key milestones include a hearing on January 20, 2025, and several committee actions such as being referred to the Taxation Committee on January 15, 2025. The bill faced challenges including a missed deadline and being tabled in committee, ultimately leading to its failure.