This bill amends several sections of the Revised Statutes Cumulative Supplement, 2024, to update the provisions related to the assessment of real property that has suffered significant property damage. Key changes include redefining "damaged real property" to replace the term "destroyed real property," and expanding the definition of significant property damage to include various events that can adversely affect property value. The bill also establishes a process for property owners to report damage and for county assessors to adjust property values accordingly, ensuring that property tax relief is available for those affected by significant damage.

Additionally, the bill mandates that county assessors inspect properties reported as damaged and submit a comprehensive report to the county board of equalization. The board is then responsible for adjusting the assessed value of the damaged properties based on the reports received. The bill emphasizes the urgency of these changes by declaring an emergency, allowing it to take effect immediately upon passage and approval. Overall, the legislation aims to provide clearer guidelines and support for property owners facing financial burdens due to property damage.

Statutes affected:
Introduced: 77-1301, 77-1307, 77-1308, 77-1309, 77-1725.01