The proposed bill would amend current statutes regarding property valuation by adding new criteria for determining a property's limited property value (LPV). Specifically, it would include properties that previously qualified for a property valuation protection option but have since been conveyed to a non-qualifying person or where the current owner no longer qualifies or has not reapplied. Additionally, it would encompass properties that previously qualified for a statutory valuation but no longer meet the criteria, thereby requiring county assessors to reassess these properties based on comparable values to similar properties.

Furthermore, the bill defines "statutory valuation" as a specific formula for calculating full cash value as prescribed in existing statutes. This update aims to ensure that properties that have lost their qualifying status are assessed fairly and consistently with other properties of similar use or classification, thereby enhancing the accuracy of property tax calculations. The changes would take effect on the general effective date of the legislation.

Statutes affected:
Introduced Version: 42-13302
Senate Engrossed Version: 42-13302
House Engrossed Version: 42-13302