HB 2700 Summary

• Establishes a new "Class Ten" property classification for owner-occupied residential property that is zoned residential, less than five acres, used as the owner's primary residence, and has a commercial operation on the property.

• Sets the assessed valuation of Class Ten property at 10-12.5% of its full cash value or limited valuation, with the county assessor determining the appropriate percentage based on actual land use.

• Renumbers existing sections 42-12010 and 42-15010 to 42-12011 and 42-15011 respectively to accommodate the new property classification sections.