TAX/AD VALOREM TAX: Limits the determination of fair market value of certain real property by an assessor under certain circumstances (EN SEE FISC NOTE LF RV See Note)

This bill modifies how property tax assessors calculate the fair market value of specific real estate. It requires assessors to consider both increasing and decreasing the assessed value under certain conditions, rather than only increasing it. The change directly impacts property owners and local tax authorities by altering the rules used to determine property tax amounts. This legislative adjustment aims to provide more flexibility in valuation decisions without changing the underlying tax rates.