HB 5621 Summary

• Amends section 34d of the General Property Tax Act to modify definitions and calculations for property tax assessments, particularly regarding additions and losses in taxable value.

• Changes the occupancy rate adjustment provision from indefinite application to expire on December 31, 2001 for additions and December 31, 2012 for losses, limiting when property values can be adjusted based on occupancy rates.

• Clarifies that omitted real property cannot increase taxable value as an addition unless the assessing jurisdiction has property records documenting the property was not previously included in the assessment, with the burden of proof on the assessing jurisdiction.

• Maintains existing provisions for calculating millage reduction fractions and taxable values while preserving the application of inflation rates and various property classifications in the assessment process.