This bill mandates a legislative management study focused on property tax reform for residential properties during the 2025-26 interim. The study will explore various aspects of the current property tax system, including property assessment procedures, the equalization and abatement process, and how taxing district budgets are determined. It will also evaluate the feasibility of imposing limitations on taxable valuation increases and consider replacing the existing property tax structure with a taxation method based on price per square foot.

Additionally, the study will assess methods to limit the growth of residential property values, weighing the advantages and disadvantages for both property owners and taxing districts. It will examine the implementation and administration of the proposed price per square foot taxation method, its potential impacts, and any unintended consequences that may arise from transitioning away from the current ad valorem taxation system. The findings and recommendations from this study, along with any necessary legislation for implementation, will be reported to the seventieth legislative assembly.

Statutes affected:
INTRODUCED: 11-23-05, 11-28.3-03, 11-28.3-04, 11-28.3-09, 11-28.3-17, 15.1-27-04.1, 18-10-07, 18-10-12.1, 40-40-06, 40-40-10, 40-58-20, 40-58-20.2, 57-02-11, 57-02-51, 57-02-52, 57-09-04, 57-11-03, 57-15-02, 57-15-02.2, 57-15-05, 57-15-07, 57-15-11, 57-15-13, 57-15-31, 57-15-31.1, 57-20-01, 57-20-01.1, 57-20-02, 57-20-03, 57-20-04, 57-20-07.1, 57-20-09, 57-20-10, 57-20-21.1, 57-23-04, 57-23-06, 57-28-03, 57-28-20, 57-28-26, 57-55-01.2, 57-55-04, 57-55-04.1, 57-55-05, 61-24-09, 57-02-08