The voters are the only thing standing between taxpayers and permanent property tax protection in the Constitution. As required by law, the much lauded property tax caps have been passed by two separately elected General Assemblies after the Senate affirmatively voted 35-15 last week. The caps were originally passed in 2008. The question of putting the caps in the Constitution will now be up to voters on Nov. 2.
After receiving voter approval, it will be unconstitutional to levy property taxes greater than 1% of a homestead’s assessed value, 2% of farmland or rental property AV, or 3% of a business’ property without specific permission given by the voters via referendum.
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