Council Member Carol Fukunaga has introduced Bill 49, which attempts to provide tax relief to homeowners by placing a cap on the City’s valuation of real property for tax purposes. If passed, the property owner with the homeowner’s exemption would realize no more than a two percent per year increase in valuation unless:
- The real property is sold or transferred in which case the valuation would be based on the fair market value of the property; or
- If any improvements are undertaken on the property and those improvements increase the fair market value of the property – unless those improvements are due to property damaged or destroyed by a natural disaster or accident.
Bill 49 is up for first reading before City Council on Wednesday, September 4 and will move on to the Budget Committee for hearing.