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What is the 1 percent limit on increases in property taxes?

April 26, 2017increases limit property taxes

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What is the 1 percent limit on increases in property taxes?

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It limits increases in taxes by individual taxing districts to 1 percent annually. For example, if a city received $1 million in property taxes one year, it can only receive $1.01 million the next year, plus any tax revenues generated by new construction added to the tax rolls in the past year.