The General Assembly Raised Bill No. 7001 aims to establish a clear framework for determining the fair market value of retail sales facilities for property taxation purposes. Effective October 1, 2025, the bill defines a "retail sales facility" as a structure where customers physically select and purchase goods or rent tangible personal property. It mandates that municipal assessors use three specific approaches to assess the value of such properties: the cost less depreciation approach, the income approach, and the comparable sales approach. When using the comparable sales approach, assessors are required to consider properties that are similar in various aspects, including age, condition, and economic characteristics.

The bill introduces new legal language that specifies these assessment methods while removing any previous ambiguous language regarding the valuation process. The intent of the legislation is to ensure a standardized and fair assessment process for retail sales facilities, thereby enhancing the accuracy of property taxation in municipalities.