HB1906--PROPERTYTAX
SPONSOR: Chappell
BeginningJanuary1,2025,thetruevalueinmoneyofrealproperty
forassessmentpurposesshallbeequaltothemostrecentpurchase
priceofsuchrealproperty. Suchtruevalueinmoneyshallbethe
truevalueinmoneyforallsubsequentassessmentsuntilthenext
saleofsuchproperty.
Asspecifiedinthebill,ifahomeownermakesadditionsor
improvementstotheproperty,andthoseadditionsorimprovements
increasethevalueofsaidpropertyby50%ormore,thehomeowner
shallnotifytheassessor. Theassessorshallthenestablishanew
assessedvaluation,whichshallbethetruevalueinmoneyforall
subsequentassessmentsuntilthenextsaleofsuchproperty.
Ifthesaleofapieceofrealestateresultsinatransactionthat
isbelowmarketvalue,theassessorshallprovideevidencetothe
BoardofEqualizationorotherequivalententitythatsuchsale
priceshouldnotbeusedasthenewtruevalueinmoneyfor
assessmentpurposes.
Ifahomeownerdoesnotwanttoparticipateintheassessed
valuationprovisionsunderthisbill,suchownermayoptoutby
notifyingtheassessor'soffice,andthehomeowners'realproperty
shallbeassessedundertheassessmentprocessinexistenceonor
beforeDecember31,2024.
ThisbillisthesameasHB1078(2023).