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Property Tax Valuation

Concerning changes to property tax valuation practices, and, in connection therewith, requiring property tax assessors to consider certain information when valuing real property, requiring certain counties use an alternative protest and appeal procedure in any year of general reassessment of real property that is valued biennially, and clarifying that data that a property tax assessor is required to provide at the request of a taxpayer must include certain information.
2023 Regular Session
Fiscal Policy & Taxes
Bill Summary

The act specifies that when a property tax assessor values real property, the property tax assessor shall consider:

  • The current use;
  • Existing zoning and other governmental land use or environmental regulations and restrictions;
  • Multi-year leases or other contractual arrangements affecting the use of or income from real property;
  • Easements and reservations of record; and
  • Covenants, conditions, and restrictions of record.

Beginning January 1, 2024, the act requires counties with a population greater than 300,000 to use an alternative procedure to determine objections and protests of property tax valuations in any year of general reassessment of real property that is valued biennially.

At the request of a taxpayer, the law requires a property tax assessor to provide the taxpayer with certain data that the assessor used to determine the value of the taxpayer's property. The act clarifies that the data the assessor is required to provide must include the primary method and rates the assessor used to value the property.

APPROVED by Governor May 24, 2023

EFFECTIVE August 7, 2023

NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.
(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details