HB 1326 Summary

• Eliminates the requirement to reassess land in inventory when title transfers from a land developer to a non-developer who intends to construct a building on the property.

• Land in inventory may not be reassessed until the earlier of: (1) when construction begins on the land, or (2) when a building permit is issued for construction.

• Applies retroactively to March 1, 2011, including refunds of additional property taxes paid due to reassessments that occurred under the prior rule when no construction subsequently began or permit was issued.

• Expands the definition of "land in inventory" to include property transferred from a land developer to another person for the purpose of erecting a building or structure for the recipient's own use or occupancy.