The state property tax bill delivered to homeowners this fall will look familiar. This year’s tax rate of just over 12-cents per 100 dollar assessed property value has remained unchanged since 2008.
Decades ago, state lawmakers limited the size of property tax increases. As a result, David Gordan with the State Department of Revenue says the state property tax rate was once 30 cents.
“As the real property assessments increased, the state property tax decreased and it has decreased over the years… until it came to 12 point two percent in 2008 and since that time there has not been an increase over four percent in real property assessments so the property tax rate has remained the same.”
The state property tax is expected to generate $278 million this year.