SB 992 Limits increases in assessed value of residential real property due to reassessment until a transfer of ownership occurs
Sponsor: Loudon
LR Number: 4185S.02I Fiscal Note: 4185-02
Committee: Ways & Means
Last Action: 2/25/2008 - Hearing Conducted S Ways & Means Committee Journal Page:
Title: Calendar Position:
Effective Date: Contingent

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Current Bill Summary


SB 992 - This act limits increases in assessed value due to reassessment of residential real property to a maximum of the inflationary rate over a prior year assessment. The reassessment cap only applies to a substantially identical piece of real property which has not changed hands.

The act will only become effective upon passage of a constitutional amendment limiting increases in assessed value of residential real property until a transfer of ownership occurs.

The act is similar to Senate Bill 79 (2003).

JASON ZAMKUS