CS/CS/HB 531 Summary

• Prohibits adding the value of wind-resistant improvements and renewable energy devices to assessed values for residential properties, with assessed value capped at total just value minus these improvements' combined values.

• Requires property owners to file applications by March 1 to claim assessment reductions for wind-resistant improvements or renewable energy devices; late applications may be filed with the value adjustment board for a nonrefundable $15 fee.

• Limits Department of Revenue review of assessed value changes resulting from informal conferences under section 194.011(2), restricting other parties' ability to challenge such changes.

• Clarifies that parcels combined or divided after January 1 retain current assessment limitations on the newly combined parcels or have limitations apportioned among newly created parcels until the following January 1.

• Repeals section 196.175 regarding the renewable energy source property tax exemption and removes the definition of "renewable energy source device" from section 196.012, relocating it to the new section 193.624.