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IN SB0218
Bill
AI Summary
- Creates a 5% annual cap on assessed value increases for four years following a reduction resulting from a property tax appeal
- Cap applies to each of the four years after the assessment date when the reduction was applied
- Exempts increases directly tied to objective property changes such as improvements or enlargements from the 5% limitation
- Exempts increases resulting from correction of errors or omissions, including mathematical errors, from the 5% limitation
- Takes effect upon passage with emergency declaration
Legislative Description
Property tax assessments. Provides that, if the assessed value of real property is reduced as a result of a property tax appeal, the subsequent assessed value of the real property may not be increased by more than 5% per year for the next four years after the assessment date in which the reduction was applied. Specifies that the 5% limitation does not apply to any part of a change in an assessment: (1) that is directly applicable to any change in an objective factor or feature relating to the property, including an improvement or enlargement of the property; or (2)
Last Action
First reading: referred to Committee on Appropriations
1/6/2016
Committee Referrals
Appropriations1/6/2016
Full Bill Text
No bill text available