House Bill No. 204 Summary

• Exempts site improvements (roads, utilities) associated with land held by land developers from property taxation until other improvements or buildings are begun or the property is conveyed to a third party.

• Transfers of property to a legal entity that is at least 50% owned by the land developer, its original entity, or the same principals who owned the original entity are not considered conveyances to third parties.

• Exemption amount equals the difference between market value of land with site improvements and market value without site improvements, determined by comparative market analysis; if comparable sales data is unavailable, grants an exemption of 75% of the land's market value with site improvements.

• Requires applicants to submit exemption applications to the county board of equalization by April 15, with decisions and assessments provided by May 15; decisions may be appealed to the county board of equalization no later than the fourth Monday in June.

• Requires applicants to notify the county board of equalization by April 15 of any changes in eligibility for the parcel.