This bill amends several sections of the Revised Statutes Cumulative Supplement, 2024, to update the assessment process for real property that suffers significant damage. Key changes include redefining "damaged" real property, which replaces the term "destroyed" real property, and clarifying that property owners must report significant property damage by July 15 of the assessment year. The bill also mandates that county assessors inspect and report on damaged properties by July 20, and it outlines the process for the county board of equalization to adjust assessed values based on these reports.

Additionally, the bill introduces provisions for property tax relief for owners of real property affected by significant damage due to various events, such as natural disasters. It specifies that the county board of equalization will adjust the assessed value of damaged properties to reflect their value at the time of damage. The bill also includes a provision for the county treasurer to collect taxes on properties not classified as damaged, ensuring that tax collection processes remain intact. The act is declared an emergency measure, taking effect immediately upon passage.

Statutes affected:
Introduced: 77-1301, 77-1307, 77-1308, 77-1309, 77-1725.01
Final Reading: 77-1301, 77-1307, 77-1308, 77-1309, 77-1725.01
Slip Law: 77-1301, 77-1307, 77-1308, 77-1309, 77-1725.01