AN ACT CONCERNING THE DETERMINATION OF FAIR MARKET VALUE OF RETAIL SALES FACILITIES FOR PURPOSES OF PROPERTY TAXATION.

HB 7001 requires local property tax assessors to use three specific valuation methods - cost less depreciation, income approach, and comparable sales - when determining the fair market value of retail sales facilities for property tax purposes. It defines "retail sales facilities" as buildings where customers physically select and purchase goods or rent tangible property, and mandates that comparable sales analysis consider properties similar in age, condition, location, construction type, and economic characteristics. The law takes effect October 1, 2025, for assessment years beginning after that date, affecting retail property owners and municipal tax assessments. Municipalities may see changes in property tax revenue starting in fiscal year 2027, depending on how facilities were previously valued.