Relating to assessments for local improvements.

Caps total amount of assessments and reassessments for local improvements to three percent of real market value of local improvement to which assessments and reassessments relate. Provides that refunds unclaimed for one year after issuance escheat to state. Provides that assessments and reassessments that remain unexpended and unobligated eight years after date of assessment or reassessment must be refunded to owner of benefited property, and, if unclaimed for one year, escheat to state.