Introduced Senate Bill (S)

Authored by

DIGEST

Property tax assessments. Provides that, if the assessed value of real property is reduced as a result of a property tax appeal, the subsequent assessed value of the real property may not be increased by more than 5% per year for the next four years after the assessment date in which the reduction was applied. Specifies that the 5% limitation does not apply to any part of a change in an assessment: (1) that is directly applicable to any change in an objective factor or feature relating to the property, including an improvement or enlargement of the property; or (2) Property tax assessments. Provides that, if the assessed value of real property is reduced as a result of a property tax appeal, the subsequent assessed value of the real property may not be increased by more than 5% per year for the next four years after the assessment date in which the reduction was applied. Specifies that the 5% limitation does not apply to any part of a change in an assessment: (1) that is directly applicable to any change in an objective factor or feature relating to the property, including an improvement or enlargement of the property; or (2) that results from the correction of an error or omission, including the correction of a mathematical error. ... View more