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Legislative Year: 2024 Change
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Bill Detail: HB24-HCRS002

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Title Restore Gallagher Amendment to Property Tax
Status House Committee on Transportation, Housing & Local Government Postpone Indefinitely (08/26/2024)
Bill Subjects
  • Local Government
  • State Government
  • State Revenue & Budget
House Sponsors B. Bradley (R)
Senate Sponsors
House Committee Transportation, Housing and Local Government
Senate Committee
Date Introduced 08/26/2024
AI Summary
Summary

Under a provision commonly known as the "Gallagher
Amendment", the state constitution previously required that the
percentage of the aggregate assessed value attributable to residential real
property remain the same as it was in the year immediately preceding a
new reassessment cycle. Under the Gallagher Amendment, the assessment
rate for most nonresidential property was fixed at 29% of actual value,
and over time, as residential property values increased, the assessment
rate for residential property was driven down, from 21% of actual value
in 1985, to 7.15% of actual value in 2019, in order to maintain the
required percentage of statewide assessed value attributable to residential
property.
In 2020, the general assembly adopted, and the voters approved,
an amendment to the state constitution to repeal the Gallagher
Amendment, thus eliminating the required proportion of statewide
assessed value attributable to residential real property and the
constitutionally fixed assessment rate for most nonresidential property.
The concurrent resolution amends the state constitution to
reestablish the essential components of the Gallagher Amendment by:
! Setting a new base year, which is the 2026 property tax
year, for determining the percentage of the aggregate
statewide assessed value that is attributable to residential
real property;
! Requiring that percentage of the aggregate statewide
assessed value attributable to residential real property to
remain the same as the percentage in the year immediately
preceding a new reassessment cycle;
! Requiring the general assembly to establish the valuation
for assessment for residential real property to ensure
compliance with the proportion required by the state
constitution; and
! Permanently fixing the valuation for assessment for
nonresidential property, other than producing mines and
lands or leaseholds producing oil or gas, to be as set forth
in state statute for the 2026 property tax year.

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