LEGISLATIVE SERVICES AGENCY
OFFICE OF FISCAL AND MANAGEMENT ANALYSIS
FISCAL IMPACT STATEMENT
LS 6549 NOTE PREPARED: Jan 21, 2025
BILL NUMBER: SB 129 BILL AMENDED: Jan 21, 2025
SUBJECT: Landlocked Property.
FIRST AUTHOR: Sen. Buck BILL STATUS: CR Adopted - 1
st
House
FIRST SPONSOR:
FUNDS AFFECTED: GENERAL IMPACT: Local
DEDICATED
FEDERAL
Summary of Legislation:(Amended) This bill defines "landlocked property" as real property that has been
shut off from all public highways as a result of the vacation of one or more public highways. It provides that
if an action of the state, or an agency or political subdivision of the state, causes real property to become
landlocked property, the county assessor of the county in which the landlocked property is located must
assess the value of the landlocked property at the same rate that native forest land, a forest plantation, or
wildlands are assessed for as long as the property qualifies as landlocked property.
Effective Date: January 1, 2025 (retroactive).
Explanation of State Expenditures:
Explanation of State Revenues:
Explanation of Local Expenditures:
Explanation of Local Revenues: (Revised) Landlocked Property: This bill establishes that the county
assessor of the county in which the landlocked property is located must assess the value of the landlocked
property using the same land base rate that is applied to native forest land, a forest plantation, or wildlands
(i.e., “classified land”) for as long as the property qualifies as landlocked property. Valuing these properties
at the classified land base rate may potentially result in a decrease in the assessed value base for certain
taxing units, which may increase tax rates and shift some taxes to other taxpayers. In addition, the higher tax
rates may result in a local revenue reduction due to higher tax cap losses. The actual reduction in property
tax revenue will be contingent on factors like the number of properties being classified as landlocked and
the amount of assessed value associated with each property had the property kept its original (i.e., pre-
landlocked) classification.
State Agencies Affected:
Local Agencies Affected: County assessors.
SB 129 1 Information Sources:
Fiscal Analyst: James Johnson, 317-232-9869.
SB 129 2