House Bill 5326 Summary

• Establishes a specific valuation method for wind energy systems based on original installed cost multiplied by declining multipliers ranging from 1.00 in year one to 0.30 in year fifteen and beyond, with a minimum floor of $29,067.00 per megawatt.

• Applies the new wind energy system valuation method prospectively to all systems existing on or after the bill's effective date and retroactively to pending appeals concerning property taxes levied on or after January 1, 2016.

• Defines "original (historical) installed cost" to include direct costs (installation, equipment, labor, rotor, drive train, tower, and foundation) and indirect costs (administrative overhead, freight, wind studies, professional fees, and financing costs), excluding adjustments for accounting methods or tax incentives.

• Changes mandatory language from "shall" to "must" in several sections regarding assessor duties related to normal repairs, property sales data, and agricultural property classifications.

• Applies only to assessments submitted under section 19 and controls assessment purposes under the General Property Tax Act for wind energy systems.