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

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

Amendments