What are rollbacks?
Twenty years ago, residential property values were rising quickly. To help cushion the impact of high inflation, the legislature passed an assessment limitation law called “rollback”. Increases in assessed values for residential and agricultural property are subject to this assessment limitation formula. If the statewide increase in values of homes and farms exceeds 4 percent due to revaluation, their values are “rolled back” so that the total increase statewide is 4 percent. Rollback is also available for industrial and commercial property when necessary. This does not mean that the assessment on your home will increase by only 4 percent. The rollback is applied on a class of property, not an individual property. This means that the statewide total taxable value can increase by only 4 percent due to revaluation.
