10-6B-7.1. Reduction of real property taxes due--Annual increase--Index factor.

Beginning on January 1, 2024, each household income value listed in the schedules in §§ 10-6B-6 and 10-6B-7 shall increase annually by the index factor. The index factor is the annual percentage change in the consumer price index for urban wage earners and clerical workers as computed by the Bureau of Labor Statistics of the United States Department of Labor for the year before the year immediately preceding the year of adjustment or the annual percentage change in federal social security payments for the preceding year, whichever is greater.

Source: SL 2023, ch 29, § 17.