HCSHB1906--REALPROPERTYVALUATIONASSESSMENTS(Chappell)
COMMITTEEOFORIGIN:SpecialCommitteeonPropertyTaxReform
BeginningJanuary1,2025,thetruevalueinmoneyofrealproperty
maintainedandusedbytheownerasaprimaryresidencefor
assessmentpurposeswillbeequaltothemostrecentpurchaseprice
ofsuchrealproperty. Suchtruevalueinmoneyshallbethetrue
valueinmoneyforallsubsequentassessmentsuntilthenextsale
ofsuchproperty.
Asspecifiedinthebill,ifahomeownermakesadditionsor
improvementstotheproperty,andthoseadditionsorimprovements
increasethevalueofsaidpropertyby50%ormore,thehomeowner
mustnotifytheassessor. Theassessormustthenestablishanew
assessedvaluation,whichwillbethetruevalueinmoneyforall
subsequentassessmentsuntilthenextsaleofsuchproperty.
Ifthesaleofapieceofrealestateresultsinatransactionthat
isbelowmarketvalue,theassessormustprovideevidencetothe
BoardofEqualizationorotherequivalententitythatsuchsale
priceshouldnotbeusedasthenewtruevalueinmoneyfor
assessmentpurposes.
Participationintheassessmentprocessisoptional. Ifa
homeownerwishestoparticipateintheassessedvaluation
provisionsasspecifiedinthisbill,suchownermayoptinby
notifyingtheassessor'soffice,andthehomeowners'realproperty
mustbeassessedundertheassessmentprocessinexistenceonor
beforeDecember31,2024.