HB 1554 Summary

• Caps annual increases in assessed value of agricultural property and commercial poultry houses at 10% regardless of actual true value increases above that threshold

• Exempts the difference between the true value assessment and the capped assessment amount from ad valorem taxation

• Applies the 10% cap limitation to all property classified as agricultural or used for/associated with commercial poultry houses

• Does not affect existing tax claims, assessments, appeals, or liens that accrued before the effective date

• Takes effect January 1, 2012