adjust the assessment methodology for owner-occupied single-family dwellings and nonagricultural property.
What changed between versions
New assessment methodology caps annual increases at five percent for owner-occupied single-family dwellings and nonagricultural property, except every fifth year when full fair market value is assessed.
Added requirement for the Secretary of Revenue to consult with the Agricultural Land Assessment Implementation and Oversight Advisory Task Force before promulgating certain valuation rules.
The five percent cap applies starting with the 2027 assessment year and continues thereafter.
The five percent cap does not apply to new construction, reconstruction, improvements, or additions to property for the first assessment after such work is completed.
The five percent cap does not apply to property assessed under chapters 10-28 to 10-38, which typically cover agricultural properties.
Reordered numbering in the definitions section of § 10-6-101 to correct a numbering error.
