SB 23B-004 Summary

• Reduces property valuation for assessment to 25% for lodging and nonresidential property for the 2023 tax year, with a $60,000 deduction or reduction to $1,000 valuation

• Reduces property valuation for assessment to 6.5% for multi-family and single-family residential property for the 2023 tax year, with an $80,000 deduction or reduction to $1,000 valuation

• Modifies the state backfill mechanism to pay local governments from unrestricted general fund money by April 15, 2024, with expedited payment by February 29, 2024 if counties report by February 15, 2024

• Creates a temporary property tax task force with 22 members to develop a permanent sustainable tax structure, requiring a report by December 31, 2023, after which the task force is disbanded

• Delays multiple property tax deadlines for the 2023 tax year and waives accrual of delinquent interest on first property tax payments if made within 10 days of mailing