SB0031

Elimination of annual adjustments of assessed values.

Latest bill text (Comm Sub) [PDF]

Summary

Elimination of annual adjustments of assessed values. Eliminates the annual adjustments (or "trending") to assessed values of certain real property for assessment dates beginning after December 31, 2024. Retains the provisions in current law that require four year cyclical reassessments. Allows a reassessment plan for the four year cyclical reassessments to include trending factors in the plan. Does not eliminate the annual adjustment for agricultural land. Makes conforming changes. Makes technical corrections.

Authors

Authored by Senator Niemeyer

Fiscal Outlook

Title Description Date View
Fiscal NoteFiscal Note #1: Introduced2023-12-21 Click To View

History

Date Chamber Action
2024-01-08SenateFirst reading: referred to Committee on Tax and Fiscal Policy
2024-01-08SenateAuthored by Senator Niemeyer