S.F. No. 1973 Summary

• County assessors shall calculate property market value as the average of the current assessment year and the four preceding assessment years, beginning with assessment year 2024.

• The averaged market value calculation applies to all property defined in section 273.13 for purposes of determining net tax capacity and all other uses of market value.

• Local boards of review, county boards of equalization, the State Board of Equalization, and the commissioner of revenue must apply this market value limitation in their proceedings.

• The provision is effective beginning with assessment year 2024 and all subsequent assessment years.