Ok, I'm confused here. Typically a tax cap limits the amount the tax levy can increase. Tax levy defined as the total amount of money raised via property taxes. The tax rate multiplied by the valuation add up to the levy, which after this law is passed will be not allowed to increase (the town and school portions in this case) unless a large percentage of voters vote to raise it.
Changing valuations do not change the total taxes collected, although due to inaccuracies in accessing properties some individual tax bills may increase or decrease, most pay the same amount PLUS increases added because of increased spending by local and state government.
That's the way most of the rest of the world works when talking property taxes, is NH different?
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