Sen. Bjorkman proposes optional 5% cap on annual residential assessment increases Senate Bill 259 would let municipalities limit annual assessed‑value increases for owner‑occupied residential properties to 5% (eligible properties must be owner‑occupied for at least 185 days in the prior year); sponsor and the Kenai Peninsula Borough mayor described rising assessment spikes and local impacts on school funding.

Senate Bill 259 aims to give municipalities the power to cap annual assessment increases on homes at 5%, a move that could stabilize family budgets and school funding amidst rising property values.

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