SB 1009 - Cierpiot, Mike
Reduces the assessment percentage of real property
Bill Details
Sponsor
LR Number
3962S.01I
Title
SB 1009
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2024
Committee
Current Status
Hearing Conducted S Economic Development and Tax Policy Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 1009 - Current law requires residential real property to be assessed at 19% of its true value in money. Beginning with the 2024 calendar year, this act reduces such percentage by one percent every two years through the 2030 calendar year. Beginning with the 2031 calendar year, residential real property shall be assessed at 15% of its true value in money.
This act is substantially similar to HB 1831 (2024), SS/SB 105 (2023).
JOSH NORBERG