SB23B-006 Summary

• Caps the actual value increase for most real property classes at 6% between the 2022 and 2023 property tax years, with the 2023 actual value not to exceed 106% of the 2022 actual value.

• Exempts property with "unusual conditions" from the cap, including on-site improvements, structural additions or remodeling, changes of land use, condominium conversions, new regulations, damage from accidents or natural disasters, and oil and gas equipment installations.

• Defines "property" to exclude producing mines, nonproducing mining claims, oil and gas leaseholds, public utility operating property and plants, and mobile homes.

• Specifies that condominium ownership created by converting existing structures is considered an unusual condition only when at least 51% of the condominium units have been sold and deeds recorded.

• Includes a safety clause declaring the act necessary for immediate preservation of public peace, health, or safety.