So now commercial properties are charged differently and, and higher than residential properties, restricted again, very tightly by state law in certain ratios and certain changes. But overall, Commercial and residential [property taxes] together cannot increase by more than two and a half percent every year. If you go back to the beginning. Except for new construction. Except for new construction. And then there are additional revenue sources like motor vehicle excise, fractional, blah, blah, blah. (14:44–14:49)
CLAIM
Asserts that property tax increases are capped at 2.5% annually.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
