House Bill No. 7001 establishes a specific methodology for assessors to determine the fair market value of retail sales facilities for property tax purposes, effective October 1, 2025. The bill defines "retail sales facility" as a structure that serves customers physically present for the selection and purchase of goods or rental of tangible personal property. It mandates that assessors utilize three approaches—cost less depreciation, income, and comparable sales—when valuing these properties. The comparable sales approach requires assessors to consider properties that are reasonably similar in age, condition, use, construction type, location, design, physical features, and economic characteristics.

The bill modifies existing law, which previously allowed assessors to use any acceptable mass appraisal methods without the requirement to apply all three approaches specifically for retail sales facilities. The new legal language emphasizes the necessity of a comprehensive valuation process for these properties, potentially impacting municipal grand lists starting in fiscal year 2027. The bill does not specify whether an interim revaluation will be required for the 2025 assessment year.