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MAP 4.


PROPERTY TAX LEVY LIMITATIONS AS OF NOVEMBER 2016


No Levy Limit


Levy Limit, Can Exceed Without Vote


Levy Limit, Can Exceed With Vote


Levy Limit, Cannot Exceed


Note: Conn., R.I., and parts of Mass. have counties or county-equivalents with no county governments (marked in grey on the map).


Source: NACo interviews with state associations of counties and state and county officials in each of the 48 states with county governments, research of state statutes, tax codes and local government finance literature.


property tax revenues based on inflation (such as Mich.) or tax base growth. In Mont., property tax revenues may only increase at half the rate of inflation over the past three years (although new construction is excluded from this rate increase limits). Indiana restricts property tax revenue growth to no more than the six-year average growth in personal income.


PROPERTY ASSESSMENT LIMITS. In most states, the upwardly revised assessments must fit within a defined percentage. For instance, assessed values for properties in S.C. may not increase more than 15 percent over a five-year period. In Texas, assessed values of homestead properties may not increase more than 10 percent annually plus increases due to home improvements. Other assessment limits take inflation into account. The taxable value of a Mich. property may not increase more than 5 percent or inflation, whichever is less. Fifteen (15) states in which counties collect property taxes impose limits on property tax assessments increases. (See Map 3).


The property assessment limits hurt counties especially during a real estate comeback after a deep decline. For example, home values declined significantly during the latest downturn at the end of the 2010s. While states often limit upward movement in property assessments, they do not limit losses. As a result, many counties have seen much lower assessment values and declines in property tax revenues. As property values rebound, property tax revenue does not rebound at the same pace due to these limits on property assessments, unless the property is sold and a new baseline assessment value is established.


NATIONAL ASSOCIATION of COUNTIES | NOVEMBER 2016 COUNTY LINES, SPRING 2017 11 63


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