HB 2408 Summary

• Allows property owners or county assessors to prorate property valuation and taxes when property is destroyed after the county assessor closes the rolls.

• Requires the county assessor to prorate property value from the lien date to the date of destruction and compute taxes based on the prorated values.

• Permits the county assessor to maintain the property's existing classification for up to five years after destruction or until an objectively verifiable change in use occurs, whichever comes first.

• Defines "destroyed" as physical destruction caused by a verifiable accident, including fire, flood, or acts of God.

• Requires the county assessor to notify the property owner of the assessment adjustment using applicable notice requirements.