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SCS/SBs 675 & 705 - This act provides that the assessed valuation for residential real property shall not exceed the previous assessed valuation for such property, exclusive of new construction and improvements, by more than five percent or the percent increase in inflation, whichever is greater. This provision is similar to a provision contained in HCS/SS/SCS/SB 570 (2020), HCS/SS/SCS/SB 594 (2020), and HCS/SCS/SB 725 (2020). Additionally, current law requires assessors to conduct a physical inspection of residential real property prior to increasing the assessed valuation of a property by more than fifteen percent since the last assessment. This act requires such a physical inspection prior to increasing the assessed valuation of a property by more than five percent. This provision is similar to a provision contained in HCS/SS/SCS/SB 570 (2020), HCS/SS/SCS/SB 594 (2020), HCS/SCS/SB 725 (2020), and HB 1710 (2020). JOSH NORBERG
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