SB0081 Summary

• Caps annual property assessment increases at 20% per year for assessment years following the next general assessment after the bill's effective date.

• Exempts properties from the 20% cap if sold, transferred, or conveyed during the taxable year, in which case reassessment is based on sale value.

• Exempts properties from the cap if significant improvements were made or if a homestead exemption or other preferential assessment method was removed during the taxable year.

• Exempts properties from the cap if the increase results from an equalization factor imposed by the township, county, or Department of Revenue.

• Allows property owners to request reasonable proof from the chief county assessment officer that an increase exceeding 20% qualifies for one of the exemptions.