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DIGEST OF INTRODUCED BILL
Tax assessment of land affected by flooding. Upon the filing of a petition in a calendar year by the owner of real property permanently flooded or rendered inaccessible by flooding, requires adjustment of property taxes payable in the calendar year and reassessment of the property for future years in which the flooding continues. Applies the reassessment provision to flooding that occurs after March 1, 2008. Authorizes a refund if property taxes are paid based on the assessment that applied before the reassessment.