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IN HB1046
Bill
Status
1/4/2017
Primary Sponsor
Wes Culver
Click for details
AI Summary
HB 1046 Summary
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Creates a 3% annual cap on assessed value increases for three years following a reduction resulting from a property tax appeal.
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The 3% limitation does not apply to assessment changes directly related to property improvements, enlargements, or other objective physical changes to the property.
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The 3% limitation does not apply to corrections of errors or omissions, including mathematical errors in assessments.
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Applies to assessments with petitions for review filed after the bill's effective date and to pending appeals still under review on the effective date.
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Effective upon passage with an emergency declaration.
Legislative Description
Property tax liability. 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 3% per year for the next three years after the assessment date in which the reduction was applied. Specifies that the 3% 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 Ways and Means
1/4/2017