Under the current system, homeowners who have lived in the same house for several years enjoy a tax break because their annual property assessments are limited to three percent per year.
But critics say that only helps people who claim a homestead exemption, and it puts more of the tax burden on renters and businesses.
“I’m more concerned about new teachers and new police officers and new firefighters and new workers that are coming into the market that right now cannot buy a home because of the sticker shock, because of the price of the property tax,” says Rep. Frank Farkas.
The Farkas bill passed the House finance and tax committee, but it has a long way to go in the legislative process.
It would also have to be approved by the voters in November.