The House took up a bill, H.492, on the floor Thursday that sets the statewide yields which determines local property tax rates. The average rate would decrease in FY2024, but much of that decrease will be “masked” by the Common Level of Appraisal (the leveling mechanism to account for disparities between when towns last did an appraisal) and school district spending.
On average, taxpayers can expect to see 3.84% increase in their education tax bill. While relatively low, given inflation, this number also absorbs an 8% increase in school spending across the state. On top of that, the bill also sets aside $22M as a stabilization reserve to buy down any potential increases next year.
The bill passed on a voice vote with no one opposed.