SB23B-001: 2023 Property Tax Relief
Changes in Valuation Assessment: The law makes temporary reductions in the assessment rate for multi-family residential real property and all other residential real property. For the 2023 property tax year, the assessment rate for both multi-family and all other residential real property will be reduced from 6.765% to 6.7% of the amount equal to the actual value minus the lesser of $50,000 or the amount that causes the valuation to be $1,000.