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Property Valuation

Concerning real property valuation, and, in connection therewith, extending the property tax reassessment cycle beginning on January 1, 2021, to a four-year cycle; removing the dollar amount reductions to the actual value used for the valuation for assessment of lodging property, improved commercial property, and residential property; maintaining the same assessment rates for all real property besides residential real property in the 2023 and 2024 property tax years; and capping the increase in property values between the 2022 and 2025 property tax years.
2023 Regular Session
Fiscal Policy & Taxes
Bill Summary

Most real property is reassessed every odd-numbered year. The bill establishes a one-time exception by making the reassessment cycle beginning on January 1, 2021, a 4-year cycle so that the next reassessment cycle will begin in 2025 instead of 2023.

Under current law, for the 2023 property tax year, the actual value used for purposes of valuation for assessment is reduced for commercial real property by $30,000 and for residential real property by $15,000. The bill eliminates these reductions.

The bill also sets the assessment rates for nonresidential real property and multi-family residential real property for the 2024 property tax year, so that they are the same rates as for the 2023 property tax year.

Lastly, the bill ensures that the actual value of property used for purposes of valuation for assessment does not increase by more than 5% between 2022 and 2025, for property that does not have an unusual condition which results in an increase or decrease in actual value.

(Note: This summary applies to this bill as introduced.)




Bill Text


Sponsor Type Legislators
Prime Sponsor

Rep. L. Frizell
Sen. B. Pelton


Rep. R. Pugliese


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